By Mark Battersby
In general, under the tax rules, all income, regardless of either amount or source, must be reported. According to the IRS, however, failure to report income from spare-time activities, cash businesses and “hobbies” accounts for a sizeable portion of the up to $30 billion in unpaid taxes each year. On the other side of the coin, with or without income, treating an activity as a business can result By Mark Battersby in substantial tax rewards — and a lower tax bill.
It should come as no surprise that not everyone pays his or her taxes. What is surprising is the number of artists and crafts professionals who fail to report the expenses from their activities and, thereby, ignore the many tax deductions, write-offs and tax credits that could produce a government “subsidy” for their art or crafts activity..
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