Tutorials

SB Informer Tutorials section is the most fascinating SB Informer Resource base. In addition to articles and tutorials, there are forums and tools, providing you the opportunity to give your reviews and opinion.

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Business or Hobby? April 13, 2006 In order to be treated as running a business for IRS purposes, and to be able to deduct your business expenses, set up a retirement plan, and claim other tax breaks allowed to business owners, you ...

Presumption of Profit Motive April 13, 2006 An activity is presumed to be engaged in for profit and not to be a hobby, if it is profitable in three out of five consecutive years. For a new business, this means that you don't have to ...

Nine-Step Profit Motive Test April 13, 2006 Listed below are nine factors that the IRS looks at to decide whether an activity is run for profit (even if losses have resulted), or as a hobby. A "yes" answer supports a finding of a profit ...

Hobby Loss Rules April 13, 2006 If you are in business with the objective of making a profit, you can generally claim all your business deductions. If your deductions exceed your income for the year, you can claim a

More Than One Business? April 13, 2006 People who are endowed with an entrepreneurial spirit generally don't limit their efforts to one business activity. It's common for business owners to branch out into sideline activities that may or ...

Identifying Your Business April 13, 2006 Whether your business is organized as a sole proprietorship, partnership, limited liability company, or corporation, your annual income tax form requires you to provide your business name (if it's ...

Did You Participate in the Business? April 13, 2006 If you are a sole proprietor and must file Schedule C to report your business income, you'll notice that the top section of the Schedule C form asks you to answer yes or no to the question, "Did you ...