TAX TIP OF THE DAY... start a small business!
Deduct the expenditures related to your favorite hobby by starting your own small business. One idea is to sell related products from a web site (Ebay, Etsy, Weebly, Square Space, etc.). Another idea is to give lessons related to your hobby.
Example... You play the saxophone. You start giving saxophone lessons with the hope of having many more students once you retire. Now you can deduct saxophone expenditures... new horn, horn polish, horn supplies, Kenny G concert, saxophone practice room. You may need a tax advisor to help, but that's a tax deduction too!
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