Start-Up Costs & Hobby Loss Rules: What You Need to Know!

Starting a Business or Turning a Hobby into Income? Know These Key Tax Rules!
Launching a business or monetizing a hobby? Understanding start-up costs and IRS rules is essential for success. Here’s what you need to know:
Key Expense Categories: Ordinary vs. Start-Up Costs: Regular business expenses (rent, supplies) are deductible immediately, while start-up costs (legal fees, market research) may need amortization.
Tracking Expenses: Keep detailed records to maximize write-offs and stay IRS-compliant.
Deductible Write-Offs: Common deductions include equipment, marketing, legal fees, and home office costs.
Hobby vs. Business: To avoid IRS classification as a hobby (limiting deductions), maintain records, show intent to profit, and operate professionally.
Take Control of Your Finances. Ensure your business is set up for success!

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