- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Yes. you can deduct expenses for a "part-time" business with a caveat: in order for business expenses to be deductible, there must be a profit motive. If you are deducting thousands with little or no income, the IRS may audit you because the business loss will actually reduce your total income.
See How do you distinguish between a business and a hobby?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 1, 2020
1:37 PM