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There is a specific tax definition of passive income, known as “passive activity” to the Internal Revenue Service. Passive income is any income you make without actively working or are materially involved. The IRS defines it as any rental activity or any business in which the taxpayer does not “materially participate.” Nonpassive activities, or active activities, are businesses in which the taxpayer works on a regular, continuous, and substantial basis.
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Thank for this extensive work. When you make extra money you need to think simple. First thing you should consider is whatever you do must be safe enough that you don’t lose your initial investment as well. Also, look at the ways you can reduce your costs. This could be car insurance savings or paying back expensive loans or card balances. Saving is making money as well.

When most people think of investing opportunities, they think of stocks, bonds, and precious metals. While these are still some of the most common ways to invest, the platforms have evolved, and there are more options than ever. Gone are the days of mountains of paperwork, high brokerage fees and unattainable account minimums. Now you can invest on your own terms.

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Obviously with such a hugely valuable niche where people will be spending on average around $30,000 to $60,000 on a boat, there will be tons of information and reviews available, right?  Wrong!  In fact, MOST of the boats that I was interested in had zero reviews to be found anywhere on the internet.  Zero.  And all the manufacturers showed was a few pictures, sometimes a sales video, and an abbreviated spec sheet.  That’s it.  I scoured the internet for unbiased reviews of boats and did not find anything helpful at all.