A fairly new profession, blogging is becoming more and more popular. So much so, that many individuals are making a full time living at it, while others earn minimal amounts. And there are some who just blog because they like to.
Those who have been in the business for a while know that the same tax laws that apply to other occupations apply here also. The purpose of this article is to inform those who are new to blogging and not familiar with the requirements of the tax code.
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Posted: June 2, 2017 Under: Income Tax By: Gust Lenglet
Did you know that if you earn income from your favorite hobby, you’re required to report it on your tax return? I didn’t think so. Most individuals aren’t aware of this and fail to report this income on their tax returns.
There are literally millions of American taxpayers that enjoy a hobby. Most of them, including myself, have only expenses connected with our hobbies. However, many others are able to generate a net profit.
As an example, let’s look at a coin collector. They may be fortunate and come across a rare coin they acquired at a very low cost. They sell the coin to another collector at a high price and this results in a net profit in their favorite pastime for the year.
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