Best Money Tips: Is It a Hobby or a Business?

By Amy Lu on 6 December 2010 1 comment

Welcome to Wise Bread's Best Money Tips roundup! Today, we share advice on turning a hobby into a business, creative ornaments to decorate your holidays, smart tips for electronics shopping, and the sales tactics designed to mislead — revealed!

Top 5 Articles

Side Income: Is It a Hobby or a Business? — At what point does a hobby that makes a profit turn into a business? The distinction matters if you want to claim a loss on your taxes. Money Under 30

35 Out-of-the-Ordinary Ornaments to Make — Here's a roundup of nearly three dozen awesome DIY ornaments. Learn how to make paper-strip spheres, light bulb snowmen, ribbon pine cones, and many others! Frugal Upstate

Don't Get Shocked: 3 Tips for Smart Electronics Shopping — When shopping for a TV, don't jump on what you see in person just yet. Showrooms at electronic stores are lit just so to make the TVs look their best; in your living room, the screen may not be as bright as you remembered. Money Talks News

Top Misleading Sales Tactics — BOGO used to mean 'buy one get one free' — those deals are practically extinct nowadays. It's a catchy marketing acronym, but be sure you know what the limitation is. Billeater

5 Insider Tips to Avoid Bank Rip-Offs — You probably won't hear the full story on fees and penalties from a bank employee unless you insist on getting a clear explanation — so do insist. MainStreet

Other Essential Reading

9 Ways To Improve Your Home For Less Than $100 — A new coat of paint is the easiest and cheapest option. A new door handle or knob, all bright and brassy, can also make a great first impression at the entryway. The Wisdom Journal

Balancing a Lifestyle of Fun and Finances — To get the most entertainment value for your buck, spend your money on activities that everyone involved would enjoy. 20smoney via Currency

How To Dress For The TSA — For a no-hassle trip past the TSA, leave your belts, watches, and buckles in your luggage. Also watch out for pieces of metal decorating the shirt or jeans you're wearing to the plane. Jezebel

The Top 10 Natural Sources of Vitamin D in Food — Among the cheeses, Ricotta leads with about five times more Vitamin D than most other kinds. The Daily Green

5 Tips for Making Your House Your Own this Weekend — Doing over a whole house (or even just a room) can be overwhelming. Start small by carving out a special spot that is just the way you like it. Apartment Therapy

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Guest's picture

Love the "Hobby or a Business" post. In early years of operation when your business isn't making much money you have to be careful and make the distinction. Operate like a real business. Save ALL receipts, print business cards, behave professionally. This will help you identify yourself as a real business in the event of an audit.