One of the main benefits of turning your hobby into a business is deducting all of your qualified business expenses, even if it results in a loss. However, if you don't properly transition your hobby into a business in the eyes of the IRS, you could be waving a red flag that reads, Audit Me! [...]The post According to the IRS, is it a Hobby or is it a Business? appeared first on Wisdom Wealth Strategies.
