Understanding Hobby Loss Rules: Live Event

This is already included in your Tax Strategy Network Subscription. Discover how to protect your tax deductions and avoid unwanted scrutiny from the IRS. Join our live event to gain valuable insights and practical strategies.

Key Outcomes

Learn how to avoid misclassification of your business or hobby

Understand the factors the IRS uses to determine profit motive

Gain practical strategies for documenting and operating your activity as a legitimate business

Prepare your questions in advance to make the most of this session! Whether it's related to the night's topic or your specific situation, send them to [email protected] or ask live during the Zoom session.

Meet Our Speakers

Scott Ellsworth

CPA | Ellsworth & Associates, Inc.

Scott graduated from Heidelberg University with a bachelor's degree in accounting and computer science. He began his career with the CPA firm of Ernst and Young. Scott has been a CPA for 36+ years. He has also served as COO and CFO of numerous companies during his career. In addition to being a CPA, Scott has been an active real estate investor for 36+ years. He enjoys assisting real estate and business clients in tax and business strategies to lower taxes and increase wealth.

Understanding Hobby Loss Rules: Protecting Your Tax Deductions

The IRS closely examines activities that generate ongoing losses to determine whether they qualify as a legitimate business or a hobby. Misclassification can result in disallowed deductions, increased tax liability, and unwanted scrutiny. Join us for this informative webinar as we break down the Hobby Loss Rules, explain the factors the IRS uses to determine profit motive, and share practical strategies for documenting and operating your activity as a bona fide business. Whether you're a small business owner, entrepreneur, farmer, investor, or side-hustle operator, you'll gain valuable insights to help protect your tax deductions and reduce audit risk.