Ep 60: Hobby VS Business - decide now which you're building

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...

and

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:

• https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses
• Episode 59: Energy

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