Did you become an accidental entrepreneur? Did that side hustle or venture start making you money? If so that is great! Extra income is always a big plus. However, now comes the decision of determining if this side gig is a hobby or a real business. Deciding between the two can mean different income and deduction options for yourself.
In this video we will break down if you have a Hobby or a Business and what income reporting and deduction options are available for each!