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[Event] Ask the Experts: Tax Breaks For Your Side Gig
The only time you should consolidate them on a single Schedule C is if the activities are closely related. For example, let's say you mow lawns and also offer more comprehensive landscaping services like planting or garden design. Those two activities are related enough where they could reasonably be grouped. But if you are also a pet sitter, that is completely separate.
One thing you need to consider is whether or not these activities are businesses or hobbies. The IRS defines a business as an activity that is carried on with a regular and continuous effort to make a profit. If your side gigs meet this criterion, you can deduct ordinary and necessary expenses associated with that activity. But if the activity is pursued for pleasure or recreation and not for profit, the IRS considers that a hobby. For hobbies, you cannot deduct expenses against the income.
I hope this helps! Feel free to follow up if you have additional questions.
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