December 2021
Beginner
624 pages
21h 39m
English
Content preview from J.K. Lasser's Small Business Taxes 2022
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CHAPTER 27Tax Strategies for a Sideline Business
Millions of Americans today have a sideline business, especially today when many have only part-time jobs or are underemployed. Having a sideline business has become easy with the advent of eBay, Etsy, and other online marketplaces. The “gig” economy, with options for part-time and freelance work through Uber, TaskRabbit, Upwork, Takl, and others, also provides sideline business opportunities (assuming state law does not treat you as an employee of the platform). But sideline businesses, such as dog breeding and gentleman farming, have been around for years.
Starting and running a sideline business can be a savvy move. It can be a way to supplement your current income. It can be a safety net in case of a job dislocation. It has been helpful for many who have had reduced hours or were furloughed due to COVID-19. And it can be a way to test the waters for a full-time business in the future, say, on retirement.
For a further discussion of business expenses, see IRS Publication 535, Business Expenses.
Reporting Sideline Business Income
There's a basic rule when it comes to income from a sideline business: You must report it. There is no minimum revenue or number of sales you must have before income becomes reportable. You must report income, whether or not it is reported to the IRS (such as on Form 1099-NEC for payments to independent contractors or Form ...
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