Avoiding an IRS audit is always important to a business owner. The time and expense of an audit can be quite detrimental to a business’ profit margin. Therefore, it is important to be familiar with tax laws that may have an effect on your business’ bottom line. One such law deals with differentiating between a hobby and a business. Many Foreign Service family members have a multitude of hobbies they practice while living overseas and oftentimes the demand for the product of their hobby makes it worthwhile to put them up for sale. Before.
