Turn Your Hobby Into a Business - The Right Way: Tax and Legal Tips to Avoid IRS Problems

If you decide to turn your hobby into a real business and gain the tax benefits available to a business, it is essential you do it the right way, or the IRS will punish you! Many successful businesses have their origins in the hobbies and interests of their creators. Think of Martha Stewart and Ely Callaway. Both of these highly successful entrepreneurs began their endeavors as spare-time activities in their garages or at their kitchen tables. The majority of people who convert their hobbies into businesses are ordinary people who simply want to do it the right way and avoid problems with the Internal Revenue Service. Turn Your Hobby Into a Business shows you how to do just that, by giving you everything you need to know about tax laws and what you need to do to avoid stiff penalties and frustrating hassles. It includes many case studies of actual hobbies-turned businesses. Whether you’re a craftsperson or a writer, an inventor or a hobby farmer, this book lays out all the steps so that you can turn your personal pastime into a profitable business venture. The CD-ROM contains Articles of Organization forms that can be used to help you turn your hobby into a business. The forms are provided in MS Word and PDF formats for use on a Windows-based PC. The CD also contains a large number of bonus case studies.