TAX TIME, Tick Tock, The Tax Clock is Ticking

BentClocks06 Time to get your business taxes ready.
For artists and makers, running your business in a manner compliant with I.R.S. rules
can make a BIG DIFFERENCE between being declared a "business" instead of a "hobby". This has potentially major financial consequences.

 

Consuming Conversation stack of teacups by Harriete Estel Berman The IRS defines a "hobby" as "an activity not engaged in for profit" and consequently deductions for expenses are limited. On the other hand, a "business" is allowed to deduct the operating expenses from the business revenue to determine net taxable income.  Read more about this issue: "Business or Hobby? Answer Has Implications for Deductions."

The I.R.S. web site offers videos to help small businesses in convenient, digestible segments. I recommend watching this videos.

I have posted links to the IRS videos and previous posts for preparing your taxes on ASK Harri...

Get ready to do your taxes with this information.

Harriete Estel Berman 

 

 

 

 

 

 

Consuming Conversation

Harriete Estel Berman

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