Wilkerson Guthmann has a rich history of providing business consulting, tax and accounting services to the Twin Cities area for over 93 years. Our success is driven by our intrinsic values--People, Business, Integrated Knowledge, and Long Term Success.
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Business or Hobby?Tue Feb 21, 2017
How many people have a dream, a passion, or a vision that turns into a business on the side? Turning a dream into a business will require hard work and investment, and to make things worse, the IRS will not want the federal government to subsidize the effort with tax deductions if they determine that the business is a hobby. Knowing the rules may help keep a new business in the business column and off the roles of hobbies.