Businesses can deduct ordinary and necessary expenses from their taxable income, which reduces their overall tax burden. Hobbies, on the other hand, generally cannot deduct expenses beyond the income they generate. The key question for the IRS in determining a hobby loss is whether your activity is truly a business or just a recreational pursuit. This short course gives an overview of how to elect to postpone a hobby loss determination. <br/><br/> Spidell's Federal Taxletter supplied materials used for this course. <br/><br/> This overview course may be appropriate for professionals at all organizational levels.