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 TURN YOUR HOBBY INTO A BUSINESS — THE RIGHT WAY
 Tax and Legal Tips to Avoid IRS Problems
 John Alan Cohan,
Attorney at Law
Self-Counsel Press Inc.
(a subsidiary of)
International Self-Counsel Press Ltd.USA Canada
 
INTRODUCTION
xv
PART I: THE BASICS OF TURNING YOUR HOBBY INTO A BUSINESS
1
1THE HOBBY LOSS RULE
31.Your Honest Intention52.Importance of Documentary Evidence53.The Start-up Phase64.Safe Harbor Rule65.Establishing a Shift from Hobby to Business76.Chapter Summary7
2ABUSINESSLIKE APPROACH PRIOR TO STARTING YOUR BUSINESS
91.Investigating the Market91.1Consulting with experts111.2Are you an expert?112.Permits, Licenses, and Zoning Requirements123.Business Plan124.Choose a Name for Your Business 135.Should You Incorporate Your Venture?13
v
CONTENTS
 
6.Business Checking Account 147.Business Phone Line and Phone Listing148.Budget, Income Projections, and Other Financial Records159.Chapter Summary15
3CREATING A BUSINESS PLAN
161.Why Should You Create a Business Plan?162.What Is a Business Plan?172.1Highlights of a business plan173.Prepare Your Business Plan Now184.Suggested Format of a Business Plan194.1Summary of plan194.2Mission statement (optional)194.3Marketing plan194.4Operational plan204.5Financial projections204.6Long-range plan215.Chapter Summary21
4OPERATING YOUR BUSINESS
221.Day-to-Day Business Records232.Importance of Accuracy of Business Records233.Making Changes in Methods of Operation244.Improving Your Skills and Expertise255.Appraisals of Assets Used in the Activity266.Written Contracts267.Keeping a Time Log278.Travel, Automobile, and Entertainment Expenses308.1Travel expenses308.2Automobile expenses308.3Entertainment expenses309.Chapter Summary31
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 Turn your hobby into a business — the right way
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