Favorite Tax Tip
My favorite tax tip is to turn your hobby / side hustle into a legitimate
business. It doesn't have to be a full time deal. You can be an employee
for someone else during the day and an entrepreneur at night, just like
Henry Ford once was!
Having a side business has several benefits. One of them is the tax
benefits. The IRS simply states that you must be able to demonstrate that
you are making a legitimate effort to earn a profit. That's pretty easy,
because you will be doing all kinds of activities to promote and sell you
business's goods or services. All the expenses you incur in conducting
your business can be tax deductible. What used to be just a favorite hobby
is now a cash generating business filled with tax deductions!
Once you learn about small business tax advantages, arrange your personal
lifestyle and business activities around them so that you fully maximize
all of the tax deductions available to you.
If you like to travel, start a travel blog. Sell ads on it. Deduct your
If you like to bake, sell cookies during the holidays. Deduct your baking
If you like to ride motorcycles, give motorcycle classes. Deduct the cost
of your equipment.
About the author Mike Bowman
Mike writes for TheQuarterRoll.com, a website that makes small business
ownership and personal finance fun and entertaining through the stories of
real people. Be sure to follow Mike on Twitter
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