Home and Hobby Businesses: Overview
Home businesses are booming, and craft and hobby businesses are flourishing as well. Craftwork is a $13 billion dollar industry in the United States, and crafts artisans now average $76,000 in annual sales. That's great news for artisans, entrepreneurs, and even Uncle Sam, who also makes money when you do. And when it comes to taxes, the tax code is full of deductions for businesses -- and you are entitled to take them whether you work from home or from a studio space. Besides the financial opportunities, there are many reasons to pursue a home or hobby business. Perhaps you seek artistic freedom or are driven by a desire to love what you do. Maybe your family obligations require you to have a flexible schedule or to travel less. Possibly there's just no more shelf space for your ceramic creations and your spouse thinks it is time for you to ...