Being a small business owner comes with a number of challenges. You are not just about looking after your customers' needs, getting paid, and paying your suppliers. You must also…
2) Do you depend on income from this activity to pay your bills?
3) Do you have the necessary knowledge to operate as a successful company?
4) Have you made profits from similar activities in the past?
5) Will the activity be profitable in a few years?
6) Do you expect the activity to be profitable in the future?
7) Are there elements of personal pleasure or recreation?
8) Has your company made a profit in 3 of the last 5 years?According to IRC 183: "If your business is not for profit, the allowable deductions must not exceed…