How to convince the IRS your business is just that

10/17/2011 | Fox Business Small Business Center

The Internal Revenue Service might try to reclassify your business as a hobby if you operate in a "fun" industry such as photography or travel writing and have lost money five years in a row, Bonnie Lee writes. To stave off reclassification, which will reduce your ability to take deductions, open a business bank account, keep up on your accounting and advertise your business, she writes.

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