Quote:
Originally Posted by Tim C
Oh yeah, I make a bout $2,000 a month doing my hobby (never made that much umpiring) . . .
But in the end, while I still keep my day job, this new activity will still be only a hobby.
To think it is anything else boarders on being pretentious.
At least that is MY opinion.
T
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Tell that to the IRS or the state tax agency if they consider $2000 a month to be a hobby. They will expect you to file just like you made that money any other way. I know many people who have other jobs and do thing that make money or have a side business and they do the same thing. Now you might not gross $2000, but you likely spent money that you would benefit for if you are taxed properly. And some of us do this more than one season and if you do not do that, you are spending more money on taxes than you should. If I have to file a W9 with many schools just to get a check, that is much more than a hobby to me and always will be.
Peace