TRANSITIONAL-GENEALOGISTS-FORUM-L ArchivesArchiver > 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)
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.
Leaves of Heritage Genealogy
"Let's shake some history from your family tree!"SM