Is Your Home Business (Writing or Otherwise) Considered a “True” Business?
Jean Murray, at Small Business Boomers, has a great post with information about what the IRS (Internal Revenue Service in the US) considers a true business. You might like to check out her, Boomers Retiring to “Fun” Businesses: Is birdwatching a business?
She mentions some of the criteria the IRS uses to determine whether you’re en titled to deduct your losses from the business you’re operating or starting up. Jean does mention that writing is one business that’s easier to justify some of your expenses under the “hobby loss” rules than others.
(c)2008 Mary Emma AllenTags: , birdwatching, business expenses, business losses, home-+-biz-+-notes, home-business, IRS, Jean Murray, Mary Allen, Mary Emma, Mary-+-Emma-+-Allen, Small Business Boomers, taxes