Hobby or Hidden Business? Navigating the Tax Line Between Passion and Profit

Is that side pursuit a passionate hobby or a potential profit center? Host Casey Hiers is joined by financial experts Colt Smith and Steve Levy, JD, and CPA, to dive into a topic many successful practice owners—and their spouses—face: distinguishing a genuine business opportunity from a casual hobby for tax purposes.From public speaking to owning a horse business, many activities incur both expenses and generate income. Casey, Colt, and Steve share personal anecdotes, practical tips, and expert advice on how to properly evaluate, track, and account for any activity where money is spent and revenue is earned. Tune in to learn why treating your passion like a business—even if it feels like a hobby—is critical for maximizing deductions and ensuring tax compliance.Interested in more info on how to: Earn More, Save More, and Retire EarlyUpcoming Tour Dates: Go to our EVENTS page for infoFacebook: Four Quadrants AdvisoryInstagram: @fourquadrantsadvisoryLinkedIn: Four Quadrants Advisory