Ep 60: Hobby Vs. Business - Which are you building?Dec 10, 2020
Finally today we're going to clear the air about the difference between a hobby & a business - and how to make sure your business is a business and doesn't accidentally become a hobby!
You need to make a decision now whether you are a hobby or a business for two reasons:
1 - The IRS will make a decision for you if you don't...
2 - For your well-being so you can know the direction you are headed.
Today I share a story about how my friend started a candle-making venture and how it is a HOBBY and not a business. You get to hear how we know her undertaking is definitely a hobby.
You also hear the 9 criteria the IRS uses to determine whether your venture is a hobby or a business. I have the link below to their website so you can read it and research if you need to as well.
I just want to make sure you are doing the right things to get this going right.
LINKS I MENTIONED:
- Episode 59: Energy
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