Hobby Versus Business
Nine factors are looked at in distinguishing between a hobby and a business activity. They are:
1. How you execute the activity
2. Your level of expertise
3. How much time and effort you put into the activity
4. The amount of occasional profits, if any
5. Whether or not you think the assets used in the activity will increase in value
6. Your financial status
7. Prior success in similar ventures or activities
8. Income or loss history associated with an activity
9. Elements of recreation involved in the activity
[green_message]Source: http://ift.tt/22N1Gfi [/green_message] Follow me on Facebook at http://ift.tt/1geQt49
You must be logged in to leave a reply.