WHAT
...within limits. The IRS takes a dim view of anyone with a business that loses money hand over fist in that business for more than five years. But before they can take a dim view, they have to look. And they're suffering cutbacks like everyone else. And the odds of getting a random audit are pushing a thousand to one. And the odds of getting a non-random audit are suspiciously proportional to income. And even if you're audited the worst that happens is you have to give the money back. Don't you work for a bank?
You should probably set up an LLC for your poetry
In the UK: http://www.writersbureau.com/writing/what-writers-can-claim-against-tax.htm Claim. Claim, claim, claim: http://www.nolo.com/legal-encyclopedia/tax-deductions-writers.html And: http://www.gentlemenranters.com/60.html Probably much similar in the US.