NewsHow to Ensure Your Business is Not Deemed a HobbyPublished on August 15th, 2022You’ve loved dogs all your life so you decide to breed them and start a dog training business. Is this a business in the eyes of the IRS or a hobby? Knowing what the IRS is looking for and properly positioning your small business can save taxes and headaches if you are ever questioned by […] Turning Your Hobby Into a BusinessPublished on August 9th, 2022You’ve loved dogs all your life so you decide to start a dog breeding and training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can create a big tax headache if you do it wrong. One of the main benefits of turning your hobby into […] 5 Great Things to Know about IRAsPublished on August 8th, 2022IRA’s can be a powerful tool to lower taxes, all while saving for retirement or other predetermined uses. Here are five fairly unreported things to know about IRA’s. A nonworking spouse can have an IRA. If your spouse doesn’t work, you may still be able to open and contribute to an IRA for your spouse, assuming […] Common Small Business Accounting ProblemsPublished on August 5th, 2022Keeping your company books in order can be a challenge. Consider these common accounting problems often seen when preparing business tax returns to ensure they do not happen to your business: Mixing in personal expenses. Having non-business costs included in your business accounts creates several problems. First, your financial statements will not accurately portray your business […] 5 Ideas for Better Cash ManagementPublished on August 4th, 2022Focusing solely on sales and profits can create a surprise for any business when there is not enough cash to pay the bills. Here are five ideas to help improve your cash management. Create a cash flow statement and analyze it monthly. The primary objective of a cash flow statement is to help you budget for […] |
|