Hobby or business: What people need to know if they have a side hustle

IRS Tax Tip 2024, June 5, 2024

Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation.

Whether someone is having fun with a hobby or running a business, if they are paid through payment apps for goods and services during the year, they may receive an IRS Form 1099-K for those transactions. These payments are taxable income and must be reported on federal tax returns.

There are a few other things people should consider when deciding whether their project is a hobby or business. No single thing is the deciding factor. Taxpayers should review all the factors to make a good decision.

How taxpayers can decide if it's a hobby or business

These questions can help taxpayers decide whether they have a hobby or business:

Does the time and effort they put into the activity show they intend to make a profit?
Does the activity make a profit in some years, and if so, how much profit does it make?
Can they expect to make a future profit from the appreciation of the assets used in the activity?
Do they depend on income from the activity for their livelihood?
Are any losses due to circumstances beyond their control or are the losses normal for the startup phase of their type of business?
Do they change their methods of operation to improve profitability?
Do they carry out the activity in a businesslike manner and keep complete and accurate books and records?
Do the taxpayer and their advisors have the knowledge needed to carry out the activity as a successful business?

Whether taxpayers have a hobby or run a business, good recordkeeping throughout the year will help when they file taxes.

9 Lessons From "You Are More Than You Think You Are" by Kimberly Snyder

Tune in every week as we share a Lesson from this empowering book! Click the link below to order a copy for yourself!

8. From Warrior to Lover: Strength isn't just about being fierce. The book explores the balance between inner strength and compassion. It delves into practices to develop assertiveness, healthy boundaries, and resilience (the warrior aspect) while nurturing kindness, empathy, and forgiveness for yourself and others (the lover aspect).

Order Book Here!

This Week a Window of Uplifting Cosmic Opportunity

And the Unique Potential to Find Light Where There Appears to Be None

Introduction

I recently returned from a trip to Europe. One of the benefits of traveling is the expansion of one’s perspective through talking to people with different takes on life. One day on my trip I sat on a train next to an English woman. When I shared with her I was an astrologer, she told me

she didn’t see how it was possible that the placement and the movement of the planets could possibly make a difference in our lives. My response. “I believe astrology to be true because I consistently see evidence of its efficacy.” For example, I have observed, many of hundreds of times, that when Saturn, the planet of discipline and decisiveness, influences a chart that people gain clarity and often take decisive action even when they had no particular plans to act.

June 9: Saturn As Inspiration for Insight, Action, and Healing

On Sunday June 9, three days after the Full Moon, Saturn will challenge our Gemini Sun that is joined by Venus and Jupiter that are also in Gemini. Gemini is an Air sign and influencer of curiosity and expansive thinking. With Venus (love) and Jupiter (expansion) also in Gemini

everyone in the world will have the opportunity to feel mentally uplifted. The challenging energy between the Sun (light) and Saturn can help us choose a positive outcome step forward for which we will take decisive action toward making the positive. If the answer to the QUESTION: “Do you have one or more confusing dual challenge issues in

your life?” is “Yes.” and you want help from the Universe – tune in. Starting Sunday this will be a week that favors gaining insight (more light) into finding positive outcome for you and your relationships. Jupiter – luck, The Sun – light, Jupiter – expansion! Yeah JUPITER!!!!

Announcing a Schedule Change for High VIBE Mastery

As a result of the tragedy that has occurred in Nanette Saylor’s family High VIBE Mastery will not commence on June 20 (the Summer Solstice) as previously planned. Rather is will begin on Monday July 22, 2024. Stay tuned for further information about how this program is yet another opportunity to support yourself in generating positive desired outcomes. In case you have not been privy to the information related to Nanette, briefly I sadly share that her 40 year old son-in law totally unexpectedly passed away in New Zealand and Nanette is currently there supporting her bereft daughter.

~Hattie

Women’s Embodiment Retreat

With Angie Greenfield & Michele Iemolo

July 20th to July 28 2024

Finca de Vida Retreat Center

Costa Rica

Join Angie and Michele in the jungle of Costa Rica at the beautiful Finca de Vida (Farm of Life) Retreat Center.

This week will be a deep dive into our connection to ourselves as we move through all of the seasons of being a woman in this beautiful life.

Embodiment is a sacred practice of deep connection to ourselves. In our bodies. In our hearts. In our spirits. As woman this is a big space of growth and empowerment. To accept ourselves. To love ourselves. To be ourselves in a fully expressed way and feel that! Be that!

We have been taught in many ways to be in dissonance to ourselves; with our bodies, our voices, our intuition, how we age and so much more.

Investment options

Early Bird Pricing good through June 15th

Slumber Party Casita $2,300

Shared Queen Casita (2 beds) $2,900

King Suite Casita $3,344

After Early Bird Pricing:

Slumber Party Casita $2,600

Queen Shared Casita $3,300

King Casita $3,600

In our time together we will be connecting to our physical bodies in yoga, hiking, meditation, sound healing, excursions, sacred rituals and of course dance!

The energy of this sacred land is so alive and inspiring! It will be an adventure into all the parts of who we are! You will go home feeling more connected to all the parts of the woman you are and are growing into. More embodied. More connected to the beauty and magic that resides in you!

Reserve HERE!

What is included:

Accommodations: 8 days, 7 nights in newly renovated casitas at Finca de Vida with air conditioning balcony, epic views, hammock and ensuite bathrooms.

Three meals each day (Breakfast, lunch and Dinner): Delicious, fresh grown food including fresh coconut water and medicinal garden teas. The menu is a blend of high vibrational foods

Use of onsite amenities: Vitality Cool pools, Spring fed Infinite Pool, Jungle gym & Walking trail hikes, Morning and Evening Sungazing Vortex, Wifi

FREE Time: There will be plenty of free time to explore the farm, read in a hammock, swim in the natural pool, rest, walk the jungle trails or just unwind.

Opening full moon ceremony and intention setting: On our first night together, we will collectively set our intentions for the week as we honor the Buck Moon.

Daily healing offerings included, but not limited to:
Sound healing
Sacred Rituals
Fire Ceremonies
Healing Circles
Embodiment Practices
Excursions to waterfalls, beaches & hiking

Meditation and Yoga: Yoga sessions occur overlooking the jungle and pacific ocean in the distance with Angie Lopez. Style of classes include: Vinyasa flow, Restorative, Meditation with accompanying sound healing.

Ecstatic Dance: Ecstatic dance sessions occur overlooking the jungle and pacific ocean in the distance, facilitated by Michele Iemolo.

In depth movement and somatic practices: In depth movement practices use movement as a path to discovering and expressing our whole selves. Examples of in-depth movement practices include contact improv, authentic movement and other dance/movement healing and therapeutic approaches. Sessions will be facilitated by Michele Iemolo.

Art and Journaling Exercises

Click for Details

With Love & Gratitude,

Jill & Team!

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