In general, people have hobbies for recreation, not to make a profit. Businesses, on the other hand, usually operate at either a profit or a loss.

If you want to turn your hobby into a business the IRS wants to see a profit in 3 out of 5 years. You want to keep really good books of records, have a separate bank account for your business.

A business plan is a written document that describes in detail how a business—usually a startup—defines its objectives and how it is to go about achieving its goals. A business plan lays out a written roadmap for the firm from marketing, financial, and operational standpoints.

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Ray Halstead and Andrew McMillan are managing partners at REH CPAs in Mooresville, NC. They focus on helping small business owners with their bookkeeping, accounting, taxes, and ultimately allowing them to stay out of their books and in their business.

If you want to speak with someone about your small business taxes, give REH CPAs a call at (704) 662-8249.

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