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Article from THE-RESUME
Business or Hobby?
June, 16 2003
For many of us it's tax time again. For others, tax time is just
around the corner. So, how was business this year? Did
you make a profit? If your business is very new, most likely
you made a loss. Oh well, at least you can write it off, right?
Well ... maybe. Whether you can write off your business losses
depends on whether your business really is a business or a hobby.
"Well, of course it's a business!", I hear you say.
"I don't put myself through this for the fun of it!".
In this article we look, first of all, at the things you need to
be doing in your business to make it very clear to the IRS that
you are, indeed, running a business and not merely indulging in
a hobby. The reason this is so important is that although
you have to declare and therefore pay tax on the income you make
from a hobby, you can't write off your losses and may not even be
able to deduct your expenses at all. Secondly, we'll take
a look at some of the common business tax deductions you should
be thinking about in the context of your business. Even if
you didn't have your act together last year in terms of keeping
records and receipts for all this stuff, at least you can get your
house in order for when this year's tax return is due.
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