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Is it good financially to go into business?

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Is it good financially to...
Is it good financially to go into business for myself?
Submitted: 2 years ago.Category: Finance
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Answered in 12 minutes by:
2/12/2016
Financial Professional: TaxRobin, Senior Advisor replied 2 years ago
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 17,817
Experience: 15 years of experience in financial advising with emphasis on tax issues.
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Hello

That really depends on the business and if you are suited to making money in that specific venture.

If a business claims a net loss for too many years, or fails to meet other requirements, the IRS may classify it as a hobby, which would prevent you from claiming a loss related to the business. If the IRS classifies your business as a hobby, you'll have to prove that you had a valid profit motive if you want to claim those deductions.

Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business operates to make a profit.

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