Okay, I am no tax-wizard. I simply file mine and my wife's W-2's, no kids. We usually get little to no refund.
It was suggested by our tax-preparer that we claim our hobbies as small-businesses. My in-home Gunsmithing/parts locating/ordering, and my wife's woodworking. She said it would really help us get more back from Uncle Sam.
So we've decided to start tracking our respective hobbies/small money-making operations. Hell, what do we have to lose?
So, my question(s): Does it matter if you make a profit, or a loss by end-of-year? Would a (small) loss be more helpful?
Who else here has done this (mind you- without a business license, just out of your home)? (She stated it was actually pretty common, citing women selling Avon, or Home Interiors being the most prevalent).