Are you always being asked to take pictures at family events because of your passion for photography? Or do you earn a steady income collecting and selling stamps or baseball memorabilia? Were you aware that there are tax implications when you earn money from a hobby? If not, or if you’re unsure of the rules, experts from the Pennsylvania Institute of Certified Public Accountants provide these insights on why the distinctions between hobbies and businesses matter and what you need to know if your hobby becomes a business.
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