Is it an Expensive Hobby or a Business? With David Koohy and Mary Brimer.
David Koohy from Coastal Financial Group & Island Tax Services, Mary Brimer from Ginger Green Financial, and Emilio discuss whether or not what your venture is considered an actual business, or just an expensive hobby according to the IRS. To be considered a business, there are a few things you’ll want to know:
Business Tips You’ll Want to Know When Getting Started
- Be sure that you set up the books! Don’t mix personal with business. David recommends setting up another checking account.
- IRS will give you 5 or so years “in the red” before they really start wanting to see serious business growth.
- Remember to consult your financial planner before you start your next business venture! They can help ensure that the banks see you more favorably.
Be sure to watch the video for more detailed information the subject.
For More Information
To learn more about Ginger Green Financial and the services they provide, visit: www.gingergreenfinancial.com
For more information on Coastal Financial Group, visit: www.cfgna.com