Attorney Helen Sedwick tries to clear up some misconceptions about the tax laws that distinguish between writing as a business and writing as a hobby: "You may have heard the old rule that a business is considered a hobby unless it shows a profit for three out of five years. In practice, the IRS is not as strict as the three-out-of-five-year rule. If you demonstrate you have a serious intent to operate a business at a profit, the IRS will generally give you some slack."
February 12, 2015
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