Thursday, March 1, 2012

Make your hobby pay for itself

Make your hobby pay for itself View:  Mobile  |  Web
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Hello Talha,

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Make your hobby pay for itself

Hobbies provide a great way to relax from the daily grind. For many people, they also offer a way to make extra spending money.

Be aware, however, when your hobby produces income, you owe tax on it. You can reduce your taxable hobby income by deducting your hobby expenses, but this tax break is limited.

Bankrate's 2012 Tax Guide
Latest tax news, basics and calculators.

2011 tax bracket rates
For the 2011 tax year, tax returns will be due April 17, 2012.

Check taxes in your state
A summary of the income, personal and sales taxes by state.


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