Tax tip #7 Hobby or Business

One important factor in deeming your activity a hobby or business is to show that you entered into the activity with the objective of making a profit.
Not saying you have to make a profit but sincere purpose of entually making a profit.
A business plan, records, conducting in a business manner, devoting regular time to your business (at least 10 hours per week) will help you proove your efforts in deeming a business and not a hobby.
I am not a tax expert.

Please consult a tax attorney or CPA for more details.
A great book to read: "Lower Your Taxes Big Time" by Sandy Botkin

Tax tip #5 hire your children

From age 7 to under 18. The wages paid are deductible. Of course documentation is needed!
You must have a taxpayer ID # from the IRS.
Hire your children and deduct the equivalent their education- now that's great!
As stated in previous post for details consult a tax attorney or consultant.

Tax tip #3 travel days including weekends

Day of travel to a business conference and the return are considered business days so travel expenses are deductible.

Also if you have business meetings on Friday and Monday you can count the weekends as business days....all on the road expenses for the weekends are deductible if sandwiched in between business meetings.

As stated in previous posts I am not a tax attorney. These are short tips(summaries) I'm sharing with you from the tax book by Botkin.
Always consult a CPA or tax consultant for advise.