How the IRS Decides Whether You Have a Business or a Hobby

As the end of the year approaches, and tax season rears its head, it’s important to start figuring out what deductions and credits you are eligible for.

Many consumers are excited to learn that they can take deductions for hobbies as well as for businesses.

However, what is allowed when it comes to these tax deductions depends a great deal on whether the IRS thinks you have a legitimate business, or whether what you are doing is really a hobby.

Tax Deductions: Business vs. Hobby

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Have You Thought About the Costs of Being Self-Employed?

The dream of self-employment is something that has gained a lot of popularity in recent years.  Thanks to the Internet, almost anyone can start a side hustle from home.

Not only is it technically easy to become self-employed, it’s also relatively inexpensive — depending on the strategy you use.

A number of side hustles require only a computer and a fast Internet connection.  Even if you choose a more expensive venture, you can still save money by starting out at home.

Because of the ease involved, and the low startup costs that are possible, many would-be solopreneurs fail to account for other costs that they might run into.  While being self-employed works for many people, it isn’t the only satisfying career path.  And there are costs involved that you might not have thought about.

Some of the costs of being self-employed include:

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What is a MLM Business and What You Need to Know About Them

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Looking to improve your situation by starting your own business?

As you’re doing your research you may run across some amazing claims by potential business operations that promise you the ability to work for yourself while selling great products.

The old mantra of “if it is too good to be true, it probably is” should raise a red flag in your head.

When an individual or business claims they’re going to make everyone rich and successful, you are probably speaking to someone involved in an MLM business scam.

What is a MLM Business?

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Why You Need a Small Business Credit Card

Many of us with small and home businesses don’t think a lot about getting a credit card.

After all, what do we need with a business credit card, when everything is so…small?

However, a small business credit card can be a good move for just about any small business — even if you don’t think that you need one. There are advantages to having a credit card in the name of your small business.

Here are some of the advantages of having a small business credit card:

Build Credit for Your Business

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How will Obamacare Affect Small Business?

Since the economy began recovering from the economic crisis of 2008 and 2009, Washington has used one key talking point.

According to politicians, the key to a sustained economic recovery in America is the strength and health of the small business community.

Small businesses create more jobs than large corporations and according to some economists, have led the way in recoveries during past recessions.

But much of the small business community feels like Washington’s commitment to their growth may have been nothing more than talk in light of the recent Supreme Court decision that upheld the Patient Protection and Affordable Care Act, better known as Obamacare.

Some of the key provisions of this law include:

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The $100 Startup Only72 Sale – Follow Your Passion and Make Money Doing It

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How do you answer “what do you do?” when you meet someone for the first time?  Do you give a sheepish answer?  Do you shrug off the question because you don’t truly love the work you do?

I’ve been in that position!

Ever wish you could start your career over?

Would you love to create your own business that you love?

Do you want to be your own boss?

Chris Guillebeau has travelled to over 175 nations.  He’s looking to visit every country on Earth.  Oh, and he’s only in his early thirties (in contrast, I’ve been to about 5 countries besides the U.S. and except for Canada, all the others are Caribbean tourist destinations).

That in itself is a pretty cool and interesting feat!

But how does he pay for all that travelling?

Well, Chris has a certain knack for taking his ideas and turning them into profit.

In his latest book The $100 Startup, Guillebeau culls together information from 50 case studies of individuals who have built businesses that earn $50,000 and more, many of which started out with $100 or less.

The book is a simple guide to help you find your own personal expertise that you can build a business into.  Read valuable lessons from other successful entrepreneurs and see how you can do the same.

Sounds like a pretty cool book, right?

It’s on my reading list and it’s not even out yet.

Only72 Sale

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Should I Climb The Corporate Ladder Or Start My Own Business?

When it comes to accumulating wealth, there are 3 main ways to go about it.

  • One, you can work for someone else, get paid a salary and try to save some money with every paycheck;
  • Two, you can make your money work for itself by investing it wisely;
  • And three, you can start your own business and become your own boss.

The 3 choices above are not all equally effective.  In fact, I would say that investing your money wisely and starting your own business are the only truly scalable ways to make money.

First off, what do I mean by scalable?

Let’s take your day job as an example.  If you work for someone else, chances are you are either paid by the hour or paid a fixed salary.  As a result, since there are only 24 hours in a day, there’s is only a finite amount of money that you can possibly make in a given year.

Sure, you might get a small raise from year to year, but in reality you will never be able to make “life changing” money with just your day job.

Now I’m not saying that having a day job is bad.

After all, having a steady salary is an excellent way to make ends meet and pay the bills.  But the best way to expand your pool of wealth is by starting your own business and investing the money that you do accumulate.

The Trap Of Working For Someone Else

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