Hobby loss

Tax

How the IRS Tells a Hobby from a Business

Do you like to mold pottery, run chartered fishing trips, bake and decorate cupcakes, or restore antique cars? These are all hobbies that you can turn into businesses—if the IRS says you can.
Tax

Linebacker Romanowski Loses $13 Million Tax Deduction

As a former defensive player, Bill Romanowski should've seen this latest round of trouble coming, but he didn't. Having been a linebacker for several teams over his career, he's seen his share of controversy.