- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
@Mike9241 wrote:
if it's a hobby your income is taxable but none of your expenses are deductible for Federal income tax purposes.
Not exactly. Cost of Goods Sold (COGS) is still a deduction. At first glance, even if the OP's activity ended up being a hobby (although he now said he things it may be a business), it sounds like much of the expenses are COGS.
‎October 28, 2023
12:03 PM