If your passion project earns income, from dog breeding to photography, the IRS may classify it as a hobby, limiting your deductions. Here’s how to protect your deductions and prove your activity qualifies as a legitimate business under the 2025 OBBBA rules.
Avoid 2025 Tax Penalties: A Simple Fix You Can Use Today
Missed a quarterly estimated tax payment? You can avoid 2025 IRS penalties using the 60-day retirement rollover strategy. Withdraw funds from your IRA or 401(k), withhold taxes, then redeposit the funds within 60 days. The IRS treats withholdings as paid evenly throughout the year, eliminating penalty exposure.