In this week's Ask the Editor Q&A, Joy Taylor explains the income tax differences between a hobby and a Schedule C business ...

A funny thing happens to people when they enter retirement. Even if they’ve saved well for that stage of life and have plenty of money to go around, many retirees worry about depleting their nest eggs ...

Operating a business on the side can give you valuable tax deductions as well as extra income. However, the Internal Revenue Service (IRS) decides if the business is actually a hobby or not. If the ...

Hobbies are vital for helping to maintain life balance, yet many of us don't have them. Nearly 44% of Americans are hobby-less, a low number compared to other parts of the world where more than 90% of ...

Forbes contributors publish independent expert analyses and insights. I am the Executive Chairman of Diversified, a CFP and author. Retirement is often seen as a time to relax and enjoy the fruits of ...

Whether it’s as a hobby, a side hustle or even a full-time business, selling on online marketplaces such as Depop, Poshmark and Etsy is all the rage. Of course, all income earned is income that must ...

Fashioning clay into pottery, painting landscapes on canvas, photography, car restoration – all terrific hobbies. But if such activities are a source of pleasure and revenue, make no mistake about it… ...

A recurring question that SCORE mentors get asked is "can I turn my hobby into a business or do I even need to report income that I make from my hobby?" The answer is yes, but be sure that you know ...

There’s a clear distinction between having a hobby that also makes a profit, and running an official business. Common reasons profitable hobbies stay in the “hobbies” column include the need to ...

The Internal Revenue Service has strict rules about what constitutes a business and what is a hobby. A hobby is an activity that is not performed for profit, according to IRS Publication FS-2007-18.