Monday, February 25, 2013

Deep Thoughts About Editing Vacation Video: Hobby or Business?

A week has passed since my last posting.  Why?  I just finished my tax return for 2012!  I used TurboTax plus needed to seek professional help from a CPA.  One of the issues I wrestled with was  determining if my video endeavors are a "hobby" or a "business".

I'm fortunate enough to occasionally receive licensing payments for my archived news footage.  This special YouTube channel displays watermarked previews of my videos that might be of interest to a television producer:

This past year I stepped up "business-grade" activity by creating that YouTube channel and also creating this blog.  (You have probably noticed that advertising appears on these pages and also on my YouTube videos.)  So, does this qualify as a business?  The IRS offers some guidelines.

I wish everyone FUN with your video activities.  If you are fortunate to earn a few dollars, I suggest that you carefully weigh your decision about how to report the income.

My next post will take us back to France; watch for my History of Vacation Video #61

No comments:

Post a Comment

Please post your comments and share your ideas: