Hello, Thank you for this learning opportunity. I have named my business Conversational Spanish Now!I have business cards, banners, rack cards, promotional materials all with my logo. I am a Spanish Tutor, Translator, Interpreter and provide private and group classes in the Tampa Bay area. Having started teaching 2 classes of Conversational Spanish back in March 2012 at the Gulfport Recreational Center and now am successfully tutoring privately. I network constantly in women's groups, chamber of commerce and small venues.This coming month I also will be advertising in the Pinellas Country Club Guide which is distributed throughout all of the Golf & Tennis Country Clubs in this area. My efforts this year have been toward establishing my Tutoring business. My question: Is there an amount of yearly income generated that establishes registering a business? Registering a business is a yearly dues expense which is non taxable? With the information I have provided does it make sense to categorize it as a busines or is it too soon? Please advise. Your assistance is greatly appeciated! Ivone (This post was edited to remove a link. Please review our Community Best Practices for more informationabout how best to participate in our online discussions. Thank you.)
BizResearcher | Window Shopper |
9/12/2012 - 10:58 am
If you are representing yourself as a business and generating income of any
amount and plan to continue to do so, you need to register the business with
your state or county agency that handles such matters. If, however, you plan
to only occasionally engage in business activities, you may qualify as a
hobby business. You can find information about that on the IRS web site. If
you decide to be a hobby business, you will be able to take a tax deduction
for expenses only equal to income; you cannot take a loss. If you are a
registered business, you can deduct all your business related expenses, even
if you have a loss.
On another note, have you considered registering with your courts to offer
translation services? You may find that doing so will quickly establish your
business and keep you as busy as you want to be.
BizResearcher | Window Shopper | 9/12/2012 - 10:58 am
amount and plan to continue to do so, you need to register the business with
your state or county agency that handles such matters. If, however, you plan
to only occasionally engage in business activities, you may qualify as a
hobby business. You can find information about that on the IRS web site. If
you decide to be a hobby business, you will be able to take a tax deduction
for expenses only equal to income; you cannot take a loss. If you are a
registered business, you can deduct all your business related expenses, even
if you have a loss.
On another note, have you considered registering with your courts to offer
translation services? You may find that doing so will quickly establish your
business and keep you as busy as you want to be.
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