Earning a few bucks on the side doesn't mean you can ignore tax liabilities.
Maybe you sell crafts in an Etsy shop or at a local flea market.Whether you sell herbs you grow in your garden or jewelry made from recycled materials, you don’t want to run afoul of the IRS.
But many people have hobbies they eventually turn into an income source. Determining whether a hobby has grown into a business can be confusing, especially for tax purposes. But you also have to report the income even if you never intended the hobby to turn a profit, the IRS said. Profit motive is something the agency will consider, it said. It’s common for new businesses to lose money in the beginning, and they often have more deductible expenses than they do income. But if you try to deduct expenses for a hobby that’s not meant to make a profit, the IRS will ask questions.
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