6 Ways You Didn’t Know You Were Cheating on Your Taxes

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#4 Mistake: Deducting hobby expenses

Let us suppose that photography is your hobby and this hobby of yours brings you some extra money. The amount of money you receive from this hobby is taxable, but if you need a new camera or other related expenses, note that your recent purchase is not deductible. So, do not mention it on Schedule C.

However, if your hobby is actually a business, then all related expenses are deductible.

Read next: 9 Things You Can No Longer Deduct From Your Taxes

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