will that income be considered hobby or business income? And how to report it?
If I offer proofreading on Fiverr and I haven't earned anything yet but they require me to file a W-9 to start offering proofreading services on Fiverr's platform, will that income be considered a hobby or business income?
Answers
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If your aim is to make a profit at proofreading, then it is a business venture. When you start making money you should add it to a Schedule C on your taxes. Report income. Write off epxenses that pertain to the business venture.
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Hello CordariusMay!
If you do not intend to make a profit with this activity, then it would be considered hobby income. If you do intend to make a profit, then this would be considered business income.
However, there are a lot of other factors that go into whether your income is considered hobby income or business income. We recommend you take a look at these factors to determine what fits your situation the most. You can do this here:
