Tax Tips

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favorite tax tipMy Favorite Tax Tip
Mike Bowman  

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.

Examples:
If you like to travel, start a travel blog. Sell ads on it. Deduct your travel expenses.
If you like to bake, sell cookies during the holidays. Deduct your baking expenses.
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 @TheQuarterRoll

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The Quarter Roll is published to provide personal insights and opinions on everyday ways of saving and managing money, budgeting, and reducing debt. The Quarter Roll does not give professional accounting, legal, or investing counsel. The ideas, examples, and advice presented on this site are solely the opinion of the authors based on his or her personal experiences. All photos courtesy of The Quarter Roll, iStockphoto, or Dreamstime. All rights reserved.