But that's much, much easier said than done. What if your hobby is ceramics or 3d printing or painting or craft cocktails or homebrewing or repairing old cars or gardening...
So you form "3d printing shop" company and put some money in (loan, services...). Company purchases 3d printer, but does not pay any taxes on printer, it is an expense. After a few years 3d printer is out of warranty but still functional, can be purchased from company for $1.
Difference $5999. Obviously this is not advice, consult your accountant first.
In reality it is bit more complex. But this is rough picture.
But you already paid the 5k in Income Tax, when you initially earned the 10k that you put in the company to buy the printer. How does that save 5k? I think the business needs revenue.