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If you work for yourself -- either full-time or part-time -- report your income and expenses on Schedule C. Self-employment income includes income:
Since you're self-employed:
If you make a profit for three out of the last five years, the IRS assumes you’re engaged in an activity to make a profit. If so, you can deduct losses from the activity. However, if an activity isn't for profit, you can only deduct expenses up to the amount of your hobby income. Expenses more than the income are nondeductible losses. If you'd like to learn more, see the Hobby Income tax tip.
The IRS considers these factors when deciding if your activity is a business or a hobby:
If you'd like to learn more about business income and losses, see Publication 334: Tax Guide for Small Business at www.irs.gov.