JaimeG
New Member

Deductions & credits

When you declare the Hobby Money through Other Income you are not obligated to pay Self-Employment Taxes on any income that is generated while with Schedule C you are. But, If you do use Schedule C you are allowed to have a net loss and that is not allowed with Hobby Income. If you have plans to establish this as a for-profit enterprise I suggest that your opt for a Schedule C filing.