we would like to know how much money yo have to make before a hobby becomes a business that you have to claim on your taxes
      Answer1:I recommend you get some professional guidance. Ignorance is no defence in law.Businesslink.gov.uk helps your business save time and money by giving you instant access to clear, simple, and trustworthy information.It is developed in partnership with subject experts within government and relevant business-support organisations to help you comply with regulations and improve your performance.Whether youre starting up, already running a business, or looking to grow and develop, we can help you:manage your finances employ people find and keep customers pay the correct tax comply with environmental legislation trade internationally understand regulations in your sector find events and support near you
      Answer2:If you are in the United States you should complete a Form 1040 Schedule C for your business/hobby to determine if you have made a net profit. Your net profit is taxable.Even if you only net $1.00 it is taxable income and should be reported to the IRS on your Form 1040.Also, if you have a loss it serves as a reduction in your taxable income. (In the early years most businesses lose money and their proprietors are able to deduct the losses from their gross income.)Jerry-the-bookkeeper