Taxman59
Full time employment: Posting here.
- Joined
- Sep 15, 2014
- Messages
- 645
I didn't have my reading glasses on and though it said $$ for Hubby!
The key is to control how busy you get. It can quickly become a j*b and I don't think anyone of us really wants that.
I would think most would try to tie there hobby to a business, if nothing else just for the tax deduction.
Photography - Travel to exotic locations for material becomes deductible
Jewelry - Travel to fairs around the country becomes deductible
My next business venture will be medical tourism I've already started some research on it.
Sadly, the IRS understands the game. (https://www.irs.gov/newsroom/is-your-hobby-a-for-profit-endeavor) Expenses can only be deducted to the extent of hobby income unless you convince the IRS that this is a serious business. This is done most of the time by showing a profit in three of the past five years.
But that's the whole point of my post. Making a few $ on something you would be doing anyway. Not for a career but best is if you control just how much $ you make.
And if you're doing something anyway for your own enjoyment and there is a value to others, why not charge $?
Because there is usually a lot of extra work involved in making money at it.
This is exactly what I have experienced a couple of times pre-retirement with photography and basket weaving/making. They became too much of a job when the demand increased beyond making it a fun hobby. I guess I was selling way too cheap.
For the past 7-8 years I have been involved in ceramic arts (throwing on a wheel). I sell at Art/craft fairs to pay for my materials but I give more away than I sell when NOT at art venues if someone admires a piece and I know it would be cherished. The look on their faces when I just hand it to them for free is worth more to me than the money I would have made. Everybody wins. I get the pleasure of creating art and seeing my efforts appreciated and they get a nice surprise that makes their day.
Cheers!
Because there is usually a lot of extra work involved in making money at it.
Agreed (with Audrey). I'm retired and feel confident about my financial status. What I want is to enjoy my life, and hobbies are a big part of that. The easiest way to make a hobby stop being fun would be to turn it into a business. Otherwise it's like when people tell me that because I like to ski, I should be a ski patroller. That would totally change the ski experience for me, almost certainly for the worse.
If it would naturally make money with little effort and stress, maybe, but I think that's doubtful.
If supplemental money is needed to make my plan work, or provide for extras I'd really get value out of, that's a different story.
My folks used to travel with a couple, and the guy was a hobby photographer, and I think he did it as a business. My dad said it was a pain, because the guy would drag along all his equipment and have to set it up at stops and get the lighting right, etc, instead of just enjoying the views and snapping a few pictures. They'd be ready to go, but he would be waiting for a cloud to move or the light to be right.
If he was a serious photographer, the experience would have been the same, regardless of whether he was selling his photos, I can assure you. It’s not generally a good idea to travel with a serious photographer and all his gear if you don’t want or expect to take long periods of time at each location.Agreed (with Audrey). I'm retired and feel confident about my financial status. What I want is to enjoy my life, and hobbies are a big part of that. The easiest way to make a hobby stop being fun would be to turn it into a business. Otherwise it's like when people tell me that because I like to ski, I should be a ski patroller. That would totally change the ski experience for me, almost certainly for the worse.
If it would naturally make money with little effort and stress, maybe, but I think that's doubtful.
If supplemental money is needed to make my plan work, or provide for extras I'd really get value out of, that's a different story.
My folks used to travel with a couple, and the guy was a hobby photographer, and I think he did it as a business. My dad said it was a pain, because the guy would drag along all his equipment and have to set it up at stops and get the lighting right, etc, instead of just enjoying the views and snapping a few pictures. They'd be ready to go, but he would be waiting for a cloud to move or the light to be right.
I started a web business as part of my vintage VW hobby back in 2003. FIRE'd in 2017. I make wiring harness kits for 1953 and older VW Beetles, I restore semaphores (turn signals) from that era of cars, as well as speedometer pods and intake manifolds. All very rare parts that often sell for $1000+. The income is very sporadic and the financial model is that it is always "play money", except for $500/mo that when I retired and presented the monthly budget to DW (who is still w*rking) was "Rent" that my business must pay the house.[mod edit]
I have a website, but mods don't want it listed here.
If he was a serious photographer, the experience would have been the same, regardless of whether he was selling his photos, I can assure you. It’s not generally a good idea to travel with a serious photographer and all his gear if you don’t want or expect to take long periods of time at each location.