Thinking of starting your own business? Or already have? Here is one important thing to check off your To Do list.
Write a Business Plan. Here's why...
If your company experiences a loss in revenue you may find that you are limited on the deductions you can claim due to the hobby loss rule. That's right, all your hard work and efforts to start your business can be viewed as a leisurely activity...unless you have a business plan that carefully and thoroughly documents your company's plan to increase profitability in the next 3-5 years. Do you have a documented Marketing Plan? Market Analysis? Mission Statement? Financial Projections? These are just a few things your Business Plan should include.
For more information, visit: http://www.irs.gov/file_source/pub/irs-pdf/p535.pdf or contact us for assistance in writing your Business Plan.
Write a Business Plan. Here's why...
If your company experiences a loss in revenue you may find that you are limited on the deductions you can claim due to the hobby loss rule. That's right, all your hard work and efforts to start your business can be viewed as a leisurely activity...unless you have a business plan that carefully and thoroughly documents your company's plan to increase profitability in the next 3-5 years. Do you have a documented Marketing Plan? Market Analysis? Mission Statement? Financial Projections? These are just a few things your Business Plan should include.
For more information, visit: http://www.irs.gov/file_source/pub/irs-pdf/p535.pdf or contact us for assistance in writing your Business Plan.