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135 \\ The Hobby Trap: How to Prove Your Side Gig Is a Legit Business to the IRS
Manage episode 437649812 series 3399967
Kandungan disediakan oleh Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert, Tiffany Phillips - CPA, Small Business Money Mentor, and Financial Expert. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert, Tiffany Phillips - CPA, Small Business Money Mentor, and Financial Expert atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.
Are you running a side business to escape your full-time job? The IRS has strict rules about what counts as a real business and what’s just a hobby—and getting it wrong can cost you big time! In this episode, we dive into the 9-point IRS test that decides whether your side gig is legit or just a fun pastime.
You'll learn why it’s so important to prove your business is real, especially if you’re losing money. We’ll cover tips on keeping records, creating a business plan, and why you need to separate your business and personal finances. Plus, I’ll share real advice on how to stay on the right side of the IRS and avoid getting into trouble.
Don’t let your hard work go to waste—tune in to make sure your side hustle is set up for success and recognized as a real business!
Next Steps:
☎️ Find out how much you're overpaying in taxes every year! Schedule a FREE discovery call to find out --> https://phillipsbusinessgroup.com/
📧 Contact Me --> hello@phillipsbusinessgroup.com
📲 Follow me on IG @ the.tiffany.p.cpa
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