According to the IRS, there are three factors to consider when determining if your business is a hobby or a for-profit venture: 1. Are you making a profit? 2. Is your business activity consistent with your business plan? 3. Do you...
Continue reading...business considered hobby
When Can Work Be Considered A Hobby
The definition of a hobby is a pursuit outside of one’s regular occupation engaged in for pleasure. Many people enjoy working on hobbies in their spare time, but when does working on a hobby cross the line into being considered a...
Continue reading...How Much Time Hobby Versus Business
How much time should you spend on your hobby, and how much should you devote to your business? The answer to this question is not always easy to determine. There are pros and cons to both sides, and it ultimately depends...
Continue reading...When Your Hobby Becomes A Business Years
When your hobby becomes a business years, it’s a good time to reevaluate your goals and make sure they still line up. For many people, their hobby is their passion. They love doing it, and it brings them a lot of...
Continue reading...