Is your venture a business or hobby?

A key feature of a business is that you do the activity to make a profit. This differs from a hobby you may do for sport or recreation. Learn the 9- factors to consider when you determine if your venture is for profit. Make sure you base your decision on all the facts and circumstances of your situation.

Refer to Publication 535, Business Expenses to guide you. You can also visit IRS.gov and type “not-for-profit” in the search box.

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