As is often the case, initial "news" reports are less than fully accurate.   Please see https://intuitblog.com/news-social/intuits-response-to-recent-media-coverage-about-our-payments-policy/ for Intuit's response. ... View more

I think you should have a mixture of pre-tax and after-tax accounts, like a regular investment account and an IRA or 401(k) plan.   The IRA and 401(k) plans are great because of the tax benefits, but if you have a financial emergency, you pay a 10% penalty in many cases if you take money out of an IRA or a 401(k) plan before you are 59 1/2.   On the third hand ;-), if your employer allows a loan to be taken against the 401(k) plan, then you can just borrow the money and pay it back to yourself. But you can't borrow against an IRA. :(   Oh, whatever you do, don't have too much cash in a savings account...the interest rates are terrible! ... View more

My (retired) spouse babysits on rare occasions at the local gym for people working out. This is not often, only on occasion.   Last year, she made less than $600. This surely can't be a business, can it?   The gym gave her a 1099-MISC with the amount in box 7, so TurboTax is forcing her to file as self-employed - but this is not a business!   What can we do? ... View more

What if the facts and circumstances are a mixture of what you listed?   For example, you set the schedule for the work, but the landscaper uses his own tools and decide how the work is done. Which items take precedence? ... View more

Thanks for the info, but I need to know what a "hobby" is...I am writing a book and I would like to deduct expenses, but I don't know if I'll ever make money at it. I mean, I might, but I don't know if I will. Isn't there some sort of "a business (as opposed to a hobby) has to make money three years out of five" rule? ... View more