LEGITIMIZING YOUR HOBBY-BASED BUSINESS - WHEN, WHY & HOW
Many business owners start their dream as a hobby. They never expect to make that much money from it. However, if it does generate income they must comply with the tax regulations.
Alternatively, if your hobby income has outgrown your other income or your expenses and you can live on it, and see that there is going to be continued growth in the future, it’s time to form a real business entity to take advantage of tax savings as well as comply with the law.
If you are ready to go legit in your hobby-based business, the Hobby to Money: Legitimizing Your Hobby-Based Business - When, Why & How planner/workbook will help you know what to do next.