Be Careful of IRS Form 5213 for Hobby Losses...

If you run a business at a loss for 3 consecutive years, the IRS might want to treat that as a Hobby. The Hobby Loss rules are not friendly.

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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.