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Earning Side Income: Is It a Hobby or a Business?

This article was published by the IRS. Whether it's something they've been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year's tax return. What's the difference between a hobby and a business? A business operates to make a profit. People engage [...]

2023-05-17T10:46:24-04:00May 17th, 2023|Categories: Corporate Taxes, IRS, Personal Finance, Personal Taxes, Self-Employed, Small Business, Tax Tips, Taxes, Worker Classification|Tags: , , , , , , |
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Here’s What Taxpayers Need to Know about Paying Taxes on Their Hobby Activities

This article was published by the IRS. Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items during the pandemic. These people must report this income on their tax return. A hobby is any activity that a person pursues because they enjoy it and [...]

2022-12-28T11:33:05-05:00December 28th, 2022|Categories: Corporate Taxes, IRS, Personal Finance, Personal Taxes, Planning Strategies, Self-Employed, Small Business, Tax Payments, Tax Tips, Taxes, Worker Classification|Tags: , , , , , |
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We are CPAs located in Plymouth, MA providing accounting, tax preparation and planning, audit, bookkeeping, and consulting services to individuals, businesses, nonprofits and condominiums throughout the South Shore and Cape Cod.

Plymouth 400

Plymouth 400 Business Partner

An American Story —
A National Legacy
Plymouth 400, Inc. is a 501 (c)3 nonprofit founded in 2009 in Plymouth, MA to lead the planning and execution of programs and events commemorating the 400th anniversary of the Mayflower voyage and the founding of Plymouth Colony.
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