Watson CPA Group Philosophy on Hobby Losses
We cannot ethically allow you to deduct continued business losses year after year unless you understand and agree with the information contained in this article. We also have a legal responsibility as paid tax preparers to follow tax laws and internal guidelines of the IRS.
Also, we are fellow taxpayers too. Say what you want about the tax system- right or wrong, taxes are required to keep our country safe, to educate our children, to protect our society, to build roads, etc. And as fellow taxpayers who drive over the same pothole that you do, we have a philosophical conflct with taxpayers who simply create a hobby with the sole purpose of sheltering income.
Having said that, please understand that the Watson CPA Group will also tenaciously ensure you are afforded all the appropriate tax deductions and allowable credits available to you. We want you to pay the absolute lowest tax that you are legally obligated to pay.
We are all in this together!