From the course: Podcasting: Business and Law
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Taxes
- [Voiceover] Taxes. Here are some things that podcasters should know about taxes. Podcasting is either a hobby or a business. For tax purposes, a hobby is an activity you engage in for reasons other than making a profit. If you treat podcasting as a hobby, you can deduct your expenses from the hobby income, and you must itemize your deductions on Schedule A attached to your Form 1040. If you're sure you're operating as a hobby, you don't need to review the rest of this video. If you treat podcasting as a business, not a hobby, you may be able to get a tax break by deducting podcast losses from non-podcast income. That could reduce your taxes by hundreds of dollars or more and may even result in a refund. What does it take to show the IRS that podcasting is your business? The IRS operates under presumption known as the three of five rule, according to which any business that loses money for three out of any five consecutive years is presumed to be a hobby, not a business. But that's…
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