http://www.onlinemoneymakin.com/blog/legitimate_home_based_business/home-based-business-what-if-i-have-next-to-nothing-coming-in-for-how-much-i-am-deducting-in-taxes/ Legitimate Home Based Business Opportunities Thu, 18 Mar 2010 03:33:05 -0400 http://wordpress.org/?v=2.8.4 hourly 1 http://www.onlinemoneymakin.com/blog/legitimate_home_based_business/home-based-business-what-if-i-have-next-to-nothing-coming-in-for-how-much-i-am-deducting-in-taxes/comment-page-1/#comment-2346 Anonymous Sun, 05 Jul 2009 01:57:15 +0000 http://onlinemoneymakin.com/blog/legitimate_home_based_business/home-based-business-what-if-i-have-next-to-nothing-coming-in-for-how-much-i-am-deducting-in-taxes/#comment-2346 The rule is that a business should make a profit in three of any five years. That is not closely followed! When the IRS does look at a business that has lost money for some time they are looking at the efforts being made to conduct the business in a manner that would produce a profit. empirically they are less concerned about such a part time business when the individual is making a substantial taxable income and this "side" business is not used solely to cover that income. The rule is that a business should make a profit in three of any five years. That is not closely followed! When the IRS does look at a business that has lost money for some time they are looking at the efforts being made to conduct the business in a manner that would produce a profit. empirically they are less concerned about such a part time business when the individual is making a substantial taxable income and this "side" business is not used solely to cover that income.

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