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Why being aware of misconceptions will make your small business stronger
One common misconception is that it is possible to write off a hobby as a small business and then receive tax deductions. This could not be more incorrect. Sitting in an audit with the tax collector will only be an embarrassing interview where they will find out exactly what the business is. If the hobby doesn't make money and isn't run like a business, then it won't pass as a business and therefore cost extra money in taxes. To get around this headache, why not turn a hobby into a legitimate money making business? Starting a business with things that are interesting to oneself is double the satisfaction of making money with something that one loves. In the end, more hours will be spent working on the job and taking care to make the business successful. So don't call a hobby a business if it is not a business. Tax collectors are not stupid and will call one on it every time. Be smart, be honest, and be successful. Remember these things, and the tax breaks will come naturally.
And the last misconception of the day is that working from home is unprofessional and is disappointing to customers. And once again this misconception is just that, a fat lie. People who run businesses from home save money on office space, transportation costs, etc. Working from a home office actually impresses customers if the product delivers and they can get a fair deal. The home office is actually on the rise with home internet businesses, Realtors, and family owned businesses. Think of how smart the customer will think a business is if it is run from home and delivers in a way the competition can't. For some businesses, being this personal make customers feel more comfortable, and watch out, their wallets will just begin to fall on the floor and up. Money will flow like the Salmon river in the spring. Remembering that just because there are a lot of small businesses that agree on certain assumptions doesn't make it business doctrine. Be aware of these misconceptions and make choices that don't shoot the business in the side.
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