A quick read tells me you can deduct expenses on a hobby business... -- `lag 08/15/2018 09:58AM I'm guessing the "make profit 3 out of 5 years" is there to prevent someone -- Hokie360 08/15/2018 10:09AMInsert a Link
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At what point do you need to treat a revenue-generating hobby as a business -- Tafkam Hokie 08/14/2018 4:47PM A quick read tells me you can deduct expenses on a hobby business... -- `lag 08/15/2018 09:58AM I'm guessing the "make profit 3 out of 5 years" is there to prevent someone -- Hokie360 08/15/2018 10:09AM Why bother with an LLC? Just be a sole proprietor. -- 48zip 08/14/2018 8:35PM Looks like it comes down to liability -- Tafkam Hokie 08/14/2018 8:47PM LLC is cheap to form (do online) and costs $50 per year in VA. ** -- UTPr0sim 08/14/2018 11:01PM In a small LLC they will make you sign personally too. -- 48zip 08/14/2018 10:33PM The LLC would have to pay taxes, right? then you'd get your "pay".. -- `lag 08/15/2018 09:47AM Depends. An S-corp pays no taxes. A C-corp does,. -- 48zip 08/15/2018 10:02AM LLC's earnings are filed with your "regular" tax return. -- EDGEMAN 08/15/2018 09:57AM Not if its a C-corp. ** -- 48zip 08/15/2018 10:05AM Thanks, i was thinking corporation. -- `lag 08/15/2018 10:01AM They all have the same liability protection -- EDGEMAN 08/15/2018 10:08AM You can open a basic LLC, which works like a sole-propriatorship, or... -- EDGEMAN 08/15/2018 10:16AM What Would Jesus Do? -- HokieGator 08/14/2018 6:09PM Put it in a basket and feed thousands. ** -- Hokie360 08/14/2018 6:49PM Using His lunch powers ** -- Baltimore Hokie 08/14/2018 6:54PM Run with the business. Tell everybody to pay cash. Don't ever deposit -- Coach McGuirk 08/14/2018 5:26PM Income is income. Business means license, insurance & expense deductions. ** -- TomTurkey 08/14/2018 5:21PM Years ago, I was taught that to qualify as a "business" per the IRS -- Tafkam Hokie 08/14/2018 5:43PM I thought it was the other way around there are hobby business rules... -- `lag 08/15/2018 09:44AM Still have to report the money? -- TomTurkey 08/14/2018 5:45PM I suppose technically I could/should. But if there is no profit -- Tafkam Hokie 08/14/2018 5:54PM Where are you located ** -- Betabeachbum 08/14/2018 5:20PM NRV ** -- Tafkam Hokie 08/14/2018 5:41PM Is your plan to make money or is it just a hobby. -- Betabeachbum 08/14/2018 9:46PM I honestly don't know. For now, my only real goal -- Tafkam Hokie 08/14/2018 9:59PM Only a random audit will be a problem -- TomTurkey 08/15/2018 09:03AM Sounds like a fun hobby ** -- MEHOKIE 08/14/2018 5:16PM Not sure "fun" is the right word, but there is a relaxing, zen-like element -- Tafkam Hokie 08/14/2018 5:58PM How long before you get sued by someone that cuts themselves? ** -- Hokie360 08/14/2018 5:02PM Sad, but true. I wouldn't operate as a sole proprietorship. -- MP4VT2004 08/14/2018 6:52PM Won't happen. ** -- 48zip 08/14/2018 8:37PM Are you getting paid in cash or with trackable cc/check/electronic pmts? -- HokieAl 08/14/2018 4:57PM At this point, I'm striving for hundreds of dollars in revenue. -- Tafkam Hokie 08/14/2018 5:04PM Here's a relevant read (inside)... -- MP4VT2004 08/14/2018 10:27PM And here's another relevant link about business licenses. -- MP4VT2004 08/14/2018 10:31PM You do realize that Big Brother monitors this board any it’s not a secret -- Hokie`79 08/14/2018 9:12PM I like the idea of just doing business on a cash basis -- EDGEMAN 08/14/2018 5:53PM ...or just an accountant. We started with one who was a former IRS guy -- 48zip 08/14/2018 8:43PMTech Sideline is Presented By:
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