If you are one of those lucky people who profit from their passion, do you know the nine factors to consider when determining whether it is a business? If you make money from your hobby you have to report the income on your taxes. Some very successful people who manage large companies have pet projects that serve as stress reduction from their daily jobs and don’t realize the tax implications. This article will help explain the status of your hobby in the eyes of the IRS. 

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Our advisory team has extensive experience helping entrepreneurs turn their passion into profit. Are you ready to take the leap from hobby to business? Call us in High Point at (336) 884-0410 or in Greensboro at (336) 272-9777.