Official Chit-Chat Thread

[supersharp]

Oh God please no!!!!! Let's not start this

It was @OakleyFrankFMJ 's idea so he gets to go first.

 

[kronin323]

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...

 

[OakleyFrankFMJ]

It was @OakleyFrankFMJ 's idea so he gets to go first.

Lucky for you I'll only be able to show you the sunglasses.

 

[OakleyFrankFMJ]

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...

I'll refrain from my input on this one.

 

[cyclerdoug]

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...

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!

 

[The_Darkone]

I'll refrain from my input on this one.

Hers big brothers answer

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.

 

[cyclerdoug]

I'll refrain from my input on this one.

Hers big brothers answer

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.

You guys are fine, I already checked into "Home -Based Chemical Compounding Services". The meth labs in the basement are excluded specifically.

 

[OakleyFrankFMJ]

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.

My "hobby" is way more fun.

 

[The_Darkone]

You guys are fine, I already checked into "Home -Based Chemical Compounding Services". The meth labs in the basement are excluded specifically.

Wonder if the renovations and addition of a separate air handling system are tax deductible, hmmmmmm

 

[cyclerdoug]

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!