Business or Hobby?

Sara
Whether someone has a business or a hobby is very important from a tax standpoint. Tax authorities all around the world require taxes to be paid on the profits of a business, whereas money from a hobby does not get taxed. The effects of this need to be considered from both sides. For example, in the network marketing industry many people get started on the basis that they are going to get tax deductions for all their expenses including automotive, accommodation and travel as well as the products they purchase for their personal use.

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Welcome to The Ken Small Business Blog

Sara
People start their own business for all sorts of reasons. For some it is because they have a great idea that will benefit other people and they can see the possibilities that can come from it. For others it is because they think they can do a better job than their current employers. Or they get disgruntled thinking that their employer is getting rich from all their work. So they decide to set up their own business and do it themselves.

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