Alyssa McBride, CPA •
In the growing world of ecommerce, it is becoming easier and easier to sell things and make some money. You may be sure that your venture is a business and have your accountant put your income and expenses on Schedule C of your tax return. However, you take a lot of enjoyment out of the activity and know in the back of your mind that you would continue even if the activity were not profitable. So when does it become a hobby rather than a business?
In the growing world of ecommerce, it is becoming easier and easier to sell things and make some money. You may be sure that your venture is a business and have your accountant put your income and expenses on Schedule C of your tax return. However, you take a lot of enjoyment out of the activity and know in the back of your mind that you would continue even if the activity were not profitable. So when does it become a hobby rather than a business?