Hello! From reading some of the posts, I should incude this as "Hobby" income or "Self-Employment" income. If If I do the self-employment option I will be taxed higher on this amount. What sorts of things can be written off as business expenses if I choose self-employment income?
Thanks!
The main differences between a hobby and a business are:
The expenses you can claim for a business can be any expense that are both ordinary and necessary for your business. Some of the most common expenses are supplies, insurance, vehicle expenses, travel, among others. For more information about what business expenses you can claim see the TurboTax articles below: