Tax Year Prior to 2020: Is there a minimum to have before claiming a personal busniness like scentsy

lw821310 — Tue, 02 May 2023 15:58:22 GMT

For example only made $150, no forms given but had business start up fees which omits this payment

If you earned $400 or more you have to report it as a bus...

KarenL2 — Tue, 04 Jun 2019 21:37:44 GMT

If you earned $400 or more you have to report it as a business on Schedule C. Otherwise, you can report it as Hobby income on line 21 of the Form 1040.

That said, if you have a lot of expenses related to that income, you might want to go ahead and report it on the Schedule C (as a business) because your net loss (if you have one) will be netted with other income on your tax return and reduce your taxable income.

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Tax Year Prior to 2020: Is there a minimum to have before claiming a personal busniness like scentsy

If you earned $400 or more you have to report it as a bus...