Hobby income is taxable, hobby expenses are only deductible as miscellaneous itemized deductions subject to the 2% rule. So exactly how much deduction you get will depend on your other tax situations (how much income, do you already itemize, etc.) If you don't typically list your other miscellaneous deductions (tax preparation fees, minor unreimbursed work expenses that are usually too small to bother with, etc.) you might find that it helps to list them this year.
The alternative is to report the "hobby" as a form of self-employment on schedule C. You would get a better expense deduction, but your net profit would be subject to both income tax and 15% self-employment tax. (Plus the more expensive cost of Turbotax Self-employment version.) However, the IRS takes a dim view of people who classify hobbies as self-employment (in order to deduct expenses better) or who classify businesses as hobbies (to avoid self-employment tax.) Few taxpayers are audited, but you need to support your claims if you are.
