Many taxpayers engage in activities that generate income, but not all of these activities qualify as businesses in the eyes of the IRS. If your side venture has an element of personal enjoyment, the IRS may classify it as a hobby rather than a business. This distinction is critical because it impacts how you report income and whether you can deduct related expenses. Knowing the difference can help you avoid potential tax issues and make sure you’re taking advantage of all available deductions.

When the time comes to file your taxes, you have two options for deductions: take the standard deduction or itemize your deductions. Both methods help lower your taxable income, but choosing the right one can impact how much you owe or get back in a refund. Here’s what you need to know to make the best choice for your situation.

Cryptocurrency has become a big part of both personal finance and business transactions, but many people don’t realize the tax implications. The IRS treats crypto like property, meaning that buying, selling, or using digital currencies comes with tax responsibilities—just like stocks or real estate. Whether you’re an investor or a business owner, understanding how these rules apply can help you stay compliant and avoid penalties.