WNM 2025 Hobby Income vs. Business Income Which is Right for You?
Do have a hobby or a business?
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making a profit. Many people engage in hobby activities that turn into a source of income. However, determining if that hobby has grown into a business can be confusing. To help simplify things, we will provide information to help you consider when determining whether their activity is a business or hobby.
In this class we will cover the following topics:
- Conducting activities in a businesslike manner
- Keeping complete and accurate books and records
- Does you hobby or business activity make a profit?
- How does the IRS define a hobby?
- How much money can you make through a hobby before you start paying taxes
- Can you get tax deductions for a hobby?
- Do you need to report your hobby as a business?
- How does the IRS define a hobby?
- How to switch from hobby to business
Reasonable accommodations for persons with disabilities and language assistance services are available for limited English proficient individuals. Please notify Janelle Henry at 505-566-3715 or jhenry@wesst.org when you register for the class, or no later than 24 hours prior to your class, so that WESST can make sure necessary accommodations are available. All programs and services are provided to the public on a nondiscriminatory basis.
The Women's Business Center is funded in part by the U.S. Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA.
Speaker(s): Dawn Facka, Regional Manager, WESST Farmington Women's Business Center Janelle Henry, Regional Program Coordinator, WESST Farmington Women's Business Center
Co-Sponsor(s):
Please Note: THIS WEBINAR IS BEING OFFERED ONLINE. AN INTERNET CONNECTION AND A COMPUTER (or highly capable tablet-type device) ARE NECESSARY. Access and instructions will be sent to you after you have registered for the class. This training class will be delivered in English. You are welcome to enter the Zoom room early. Please ensure your Zoom name reflects your registered name for attendance verification. Thank you.
Fee: No Cost
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.
All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.