135 \\ Is Your Side Hustle a Business or Hobby? Avoid IRS Trouble with Smart Tax Strategies
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Mon 02 Sep 2024
- Episode Link
- https://smallbusinessfinance.podbean.com/e/135-the-hobby-trap-how-to-prove-your-side-gig-is-a-legit-business-to-the-irs/
In this episode, learn how to make sure your side hustle is treated as a real business, not a hobby, in the eyes of the IRS. Discover the 9-point test the IRS uses to decide if you can deduct business losses, and why proper records, a business plan, and separate finances are critical. You’ll hear how to show a true profit motive, build a paper trail, and avoid costly tax mistakes that can come from hobby income. This episode is packed with clear cpa tax advice, small business finance tips, and simple tax planning strategies so you can protect your business and your future.
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out!
📧 Contact Me --> [email protected]
📲 Follow me on IG @ the.tiffany.p.cpa
