Hobby vs. Business: How Sports Card Sellers Can Save Thousands on Taxes

Are you paying too much in taxes on your sports card side hustle? Learn the key differences between hobby income and business income, and how your classification can impact your tax bill. IRS Enrolled Agent Jonny Petrucco breaks down how sports card sellers can potentially save thousands by operating as a business instead of a hobby. From deductible expenses to avoiding self-employment taxes, this video covers everything you need to know. Don't leave money on the table — find out how to maximize your savings!

Chapters:
00:00 - Intro
00:16 - Preface
01:02 - Red Flags and Losses
01:30 - Scenario: Making $40,000 Intro
01:42 - Scenario: Making $40,000 ($0 in Taxes)
02:11 - Scenario: Making $40,000 ($1,500 / $3,00 in Taxes)
02:50 - Scenario: Gross Profit ($20,000)
04:15 - Scenario: Gross Profit ($15,000) Net Profit ($5,000)
04:32 - Summary
05:11 - Outro


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About Sports Card Tax Guy

Welcome to Sports Card Tax Guy, where we help sports card and collectibles entrepreneurs minimize taxes, maximize profits, and grow their business. Whether you're flipping sports cards, running a collectibles business, or just getting started, this channel is your go-to resource for tax strategies, QuickBooks tutorials, and financial tips designed specifically for the hobby world!

💰 What You’ll Learn on This Channel:

✅ How to legally reduce your tax bill
✅ QuickBooks & DIY bookkeeping tips for sports card sellers
✅ Common tax mistakes collectors make (and how to avoid them!)
✅ How to structure your sports card business for success
✅ And much more! (Leave a comment about certain topic and I'll try to create a content about it 😉)

📞 Need Help with Your Taxes?
Schedule a FREE consultation: https://sportscardtaxguy.com/contact-us

📧 Email: [email protected]
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🏢 Office: Gainesville, FL


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