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Official Chit-Chat Thread
- Thread starter qtrain23
- Start date
kronin323
Font of Useless Knowledge
So, let me ask a general question to the forum. What's the difference between a business and a hobby?
Two contexts - you have a hobby that you begin to sell the product of, when does it become a business? Or you start a "business" in your personal time, what makes it really a business and not a hobby?
I'm speaking more generally here, not just like a collector who buys and sells and may or may not make a profit, though that qualifies as an example. I'm just asking, where do you draw the line? When does a hobby becomes a business?
I have my own opinion but I'd like the greater group's input. It could be interesting discussion...
Lucky for you I'll only be able to show you the sunglasses.It was @OakleyFrankFMJ 's idea so he gets to go first.
I'll refrain from my input on this one.
I think it becomes a business if you go the "Official" route, Kronin. Register the name and get a bank account and get on the tax rolls. Whether it's your primary source of income or not. It stays a hobby if you sell some stuff and trade some stuff once in a while, from other "Hobbyists" or collectors or even non-aficionados. Even if there's income generated, you fly under the radar not intending to retire on the income and keep it a big secret, it's still a hobby to me. Now if you're made to register as a business because you're obviously conducting it as a business (home "consulting firm" for example), you've crossed the line and the state will think it's no hobby anymore!
Hers big brothers answerI'll refrain from my input on this one.
Business or Hobby? Answer Has Implications for Deductions
I will refrain like Frank from answering otherwise I will get all twisted around the axle and it's only 7am. I'll refrain from my input on this one.
You guys are fine, I already checked into "Home -Based Chemical Compounding Services". The meth labs in the basement are excluded specifically.
Actually the meth labs are trucker and tomtucker.You guys are fine, I already checked into "Home -Based Chemical Compounding Services". The meth labs in the basement are excluded specifically.
My "hobby" is way more fun.
Wonder if the renovations and addition of a separate air handling system are tax deductible, hmmmmmmYou guys are fine, I already checked into "Home -Based Chemical Compounding Services". The meth labs in the basement are excluded specifically. Actually the meth labs are trucker and tomtucker.
My "hobby" is way more fun.
Mine too. I'm a freelance pageant judge!
I got a clipboard and everything!Similar threads
