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Is your side hustle a hobby or a business?

According to different surveys, it seems that almost two out of five Americans have a side hustle. The pandemic, expansion of remote work, and the increase of living cost (inflation) has increased the number of people working on the side in addition to their regular job. We had numerous conversation with our clients to determine

By |2023-05-24T16:20:01+00:00May 24th, 2023|Categories: Business, Individuals|Tags: , , , , , , |

Hobby activities versus business – Profit purpose?

The IRS as part of their Tax Tip 2021-94 provided more clarification on the hobby activity and how to report hobbies (Schedule 1, Form 1040, line 8). Note that the IRS might disregard expenses on a business if they consider that it is a hobby or just for the purpose of offset other income and

By |2024-11-18T00:29:58+00:00July 15th, 2021|Categories: Business|Tags: , , , , , |
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