[While Hooping.org excitedly counts the days until columnist Lara Eastburn gives birth to her second child, we revisit some of her older yet timely columns, like this one.]
One day your hoop-making, teaching, or performance efforts are a hobby. The next, it’s a business. Oh my, it was a beautiful day when the term “instapreneur” entered our lexicon. We setup and started running businesses online in less than an hour and for less than $40. And that’s a sweet deal for those of us in the still relatively small niche of hooping. But the line between hooping “hobby” and hooping “business” is not as fine as you might think. Especially where the IRS is concerned. Here’s the lowdown.
It’s easy to think you’re just earning some harmless additional income with your hoops, teaching, or performance. You’re just bringing JOY to the world, right? Maybe, maybe not. This week’s article is intended to help my business-oriented brothers and sisters in-the-hoop find your way and protect yourselves in the not always articulated space between hoop-joy and hoop-money.