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Posts Tagged ‘definition of a business’

March 10th, 2010 - 3:20 pm § in bookkeeping, business start up, General Info

What is a business?

Is that a hobby, or a business you have there? A business is not a hobby.  If you engage in an activity and do not expect to profit from this activity, it is considered a hobby, and nothing may be deducted off of your personal tax returns as an expense to offset other income.  However, […][...]