Business or hobby? A guide to help you stay compliant with the IRS.

Business or hobby? A guide to help you stay compliant with the IRS.

Do you run an Etsy shop or sell jewelry in your spare time? Have you always dreamed of turning your hobby into a business? If so, it’s important to realize that the IRS has specific tax rules about this type of enterprise. Before you take the leap from hobby to enterprise, consider the following to help you stay compliant: If the IRS classifies your business as a hobby, you have to prove a valid profit motive if you want to claim related deductions. If your business claims a net loss for too many years or fails to meet other requirements, the IRS may classify it as a hobby. For tax years beginning in 2018, this will prevent you from claiming any hobby-related expenses against your hobby income. read...
Tax Tips for Uber/Lyft Drivers

Tax Tips for Uber/Lyft Drivers

Being an Uber/Lyft driver can be a very difficult job. The job does have benefits such as flexible scheduling, choosing your own hours, and getting quick money. However, there are many drivers who go out of their way to get a good score and make sure that their vehicle is in great shape. After all, your car is a reflection of the business you’re providing. Due to this, many drivers buy small amenities for their clients in order to boost their driving scores. If you are a driver, have you ever thought about how the things you’re doing can be tax write-offs?  read...

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