I write as a hobby. Do I need to worry about taxes?

February 23rd, 2016 → 9:27 am @ // No Comments

I write as a hobby. Do I need to worry about taxes? I make a little income in some years. Is my hobby income taxable?

Yes, your hobby income is 100% taxable.

Any income you make from writing, freelancing, your blog, etc is taxable income, even if it’s just a hobby.

The IRS states:

“All income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax.”

(http://www.irs.gov/businesses/small/article/0,,id=117613,00.html)

The IRS does not give hobby writers a pass or tax-free income. Bummer.

 


Read Chapter 1 of my book, Business Tips and Taxes for Writers, for more information on hobby income.

 

Carol Topp, CPA


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