Deciding to turn your hobby into a money making (hopefully) business is more complicated than sending out a few submissions. Although immediate financial success is unlikely, you have to be prepared for the possibility by having a business plan and an understanding of the legal steps you must follow in order to keep Uncle Sam, and more importantly, the IRS happy. Are you wondering why? The IRS defines being self-employed or starting your own business as an attempt to make a profit. Turning a profit is the primary distinction between a hobby and a business.
This section shows you how to take care of basic small business fundamentals, from forming your own company to the very important step of managing your taxes.
Was this article helpful?