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Messages - FrugalSister

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Entrepreneurship / Multiple Side Gigs- accounting and tax help
« on: June 16, 2017, 03:08:47 PM »
I started teaching piano lessons last year and filed that as self-employment income.  Now, after reading TWA's post on hobby income, I realize that I could have filed as hobby and kept more of my income.  This is year #2 of teaching, and I am running a profit every month, is it too late to amend last year's taxes and file form 5213?  Could I do this myself, without the help of a tax pro, and would this save me money?  I anticipate making a profit every year that I teach. 

What is the limit on profits from hobby income?

Also, I just started providing part-time in home daycare to one child and would like to accept a few more children.  Should I open a separate DBA bank account at this point when I am getting paid $40 a week?  Could this income also be considered a hobby and could I file a 5213 on this hobby?

Thanks for any pointers!  Love that there is a forum here.  I'm not a big fan of FB.


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