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Description:
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In today's episode I give you an easy way to determine if your extra money making activities are a Side-Business or a Hobby. I also give you a heart-warming example of what constitutes an income producing hobby. Later on, I discuss the tax implications of having a side-business v. a hobby, and I list 9 ways you can defend yourself against the IRS in case they decide to re-classify your side-business as a hobby. Last but not least, I answer a listener submitted question regarding bookkeeping.
Affiliate Link: FreshBooks Expense Tracking Page
Sponsored by: Gonzalez Tax Group - The Tax Specialists |