The IRS can call your money-losing business a hobby – and take away your deductions! Posted on May 24, 2012 by accountinator Leave a comment Is it a business? Or is it a hobby? Leave a comment Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Notify me of follow-up comments by email. Notify me of new posts by email.