Is It a Business or a Hobby? How the IRS Decides (Ep. 29)

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July 16, 2025 • 28 mins

Have you ever wondered if your side hustle qualifies as a legitimate business or if the IRS sees it as just a hobby? In this episode, Jim Sumpter, CFP®, unpacks the surprisingly high-stakes distinction between the two. With real-life examples, Jim walks through the IRS’s 9-factor test for business classification and why failing that test …

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.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}Is It a Business or a Hobby? How the IRS Decides (Ep. 29)