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Old 07-06-2010, 03:10 AM
  #9  
quiltilicious
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Join Date: May 2010
Location: New Jersey
Posts: 573
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The quilting looks pretty good from here!

As far as business goes, you have 5 years to turn a profit or the IRS will decide it's a hobby. Howeever, the IRS does not say how MUCH of a profit you have to make (you could be in the black for 100 dollars and then it counts). The thing the IRS looks for are things like keeping proper records, how much money of yours is "at risk" in the business, and stuff like that. They will also take a closer look if you are also employed by someone else. However, I am not a lawyer or an accountant. I'm just a micro-business owner.
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