Business Planing
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Free Strategy from IAS Financial:

Operate your activity as a business, not a hobby

A business, according to the IRS, is any activity conducted on a regular basis with the intent to make a profit (but you are not required to make a profit in order to claim the tax deductions). In order to be a business, you must have a product or service that you offer regularly to the public. Intent to make a profit is what differentiates a "business" from a "hobby." A hobby is an activity that may produce income, but is operated primarily for pleasure, without the intent to make a profit. As a business, you may deduct all of your ordinary and necessary operating expenses, no matter how great or small your income. If you have more income during the year than expenses, the difference is your taxable profit. If you have more expenses than income, the difference is your tax loss. In a hobby situation, you may deduct your expenses, but only up to the amount of your income. Therefore, with a hobby, there can be no "loss" for tax purposes.

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