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by vitovito
5916 days ago
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That's a misleading statistic because the IRS only allows you claim deductions on a money-losing primary income generator for the first five years. After that, it's reclassified as a hobby, and you can't deduct for it any more, so businesses either suddenly start submitting tax returns that show they're breaking even or profitable, or they stop submitting them altogether (have "closed" or "failed"). |
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