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Hobby or business? (United States)

Hobby or business? (United States)

It matters if the IRS presumes your activity to be a business or otherwise a hobby. Businesses can use tax losses and can generally deduct their expenses. Hobbies are significantly limited in what they can deduct. If you consistently are profitable, or you expect to be, you can be presumed to be a business. It otherwise comes down to a series of factors.

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Australian tax invoice special situations

Australian tax invoice special situations

There are a number of special situations that arise when you issue an Australian tax invoice. We will cover some of these below. GST Free Sales -Taxable and non-taxable sales You don’t include Australian GST in the price if your product or service is GST-free (even if...

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