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For those that have their own business

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JMF LIF Infant Member since 3/06 230 total posts Name:	For those that have their own business I am starting my own business and have some questions... I didnt think this "side job" would actully take off like it did. I guess its turning into a "business" now. Id like to take some deductions at the end of the year for all the start up costs. Also, how long can you claim you took a loss on your taxes? Is there a limit. Thanks!! Message edited 7/10/2007 10:37:19 AM.
JMF LIF Infant Member since 3/06 230 total posts Name:	Posted 7/9/07 5:35 PM
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CouponKT Our family is complete Member since 6/06 16494 total posts Name: K	Re: For those that have their own business what are you doing??
	Posted 7/9/07 5:48 PM
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Karen Just chillin'!! Member since 1/06 9690 total posts Name: Karen	Re: For those that have their own business The IRS can be very funny about side businesses. You are going to have to prove (if they come looking) that it is a business and not just a hobby that you writing expenses off of. There are certain requirements you need to meet to prove that - one of them is profit after a certain period of time. This is a great article from the IRS website that spells it out pretty good. Hobby versus Business
	Posted 7/9/07 6:01 PM
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Kerie-is-so-very versatile! Member since 5/05 13535 total posts Name: K	Re: For those that have their own business I don't think that any business owner will state on here whether they fail to claim cash income. Talk to an accountant, or two.
	Posted 7/9/07 6:24 PM
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JMF LIF Infant Member since 3/06 230 total posts Name:	Re: For those that have their own business Posted by Karen The IRS can be very funny about side businesses. You are going to have to prove (if they come looking) that it is a business and not just a hobby that you writing expenses off of. There are certain requirements you need to meet to prove that - one of them is profit after a certain period of time. This is a great article from the IRS website that spells it out pretty good. Hobby versus Business Thanks so much! I know there are a lot of talented ladies on here making money doing what they love too. Any other advice?
JMF LIF Infant Member since 3/06 230 total posts Name:	Posted 7/10/07 10:36 AM
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