That’s the one word that describes what happens when you have a tax law-defined hobby.
With a hobby, tax law can tax your hobby income while it disallows every penny in hobby deductions. That’s about as ugly as it can get.
For more on this tragic result, see the article Tax Law Obliterates Hobbies.
But now let’s look at some good news. Thomas A. Gullion won more than $17,000 in tax benefits when the court ruled that his music business tax losses were ... Log in to view full article.