TRANSITIONAL-GENEALOGISTS-FORUM-L Archives

Archiver > TRANSITIONAL-GENEALOGISTS-FORUM > 2012-04 > 1333988584


From: Angela Kraft <>
Subject: Re: [TGF] options after closing a business
Date: Mon, 9 Apr 2012 09:23:04 -0700 (PDT)
References: <mailman.243.1333986702.9012.transitional-genealogists-forum@rootsweb.com>
In-Reply-To: <mailman.243.1333986702.9012.transitional-genealogists-forum@rootsweb.com>


Hello,

The IRS will consider you a hobbyist if you are unable to make a profit after 3-5 years. Because most of your start up costs have already been paid, you should be able to make a small profit, which would keep you as a business as far as the IRS is concerned, but that doesn't mean that you will be making the big bucks either. I suggest that you don't close the official part of your business yet, because it takes 3-5 years for most start-ups of any kind to get going. You just have to re-work your business plan to maybe include teaching some classes and other things that will get you exposure to a new client base. That's what I'm doing right now. I have only been in business for a year and a half, and business has been S...L...O...W... but I love it, know I won't become rich from it, and keep trying to come up with other ways to put myself out there.


Good luck,
Angela
 
Leaves of Heritage Genealogy
"Let's shake some history from your family tree!"SM
http://www.leavesofheritage.com

This thread: