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This is not a joke! Here’s what to do if the IRS could consider your business a hobby. I’ll admit it; I’m not very “fun.” I’m really kind of boring - my favorite thing to do is read. All of the time – any spare moment I get! And, I’ve often wished I could somehow read for a living. That would be my dream job. I’ve gone as far as listing the possible ways to earn money by reading: Book reviews? Creating home s...
While a deduction can reduce the amount of taxable income, credits can directly reduce the amount of tax owed, dollar for dollar, so they offer a greater tax benefit. Here's the difference between tax credits and tax deductions: Both reduce your tax bill, but in very different ways. For instance, a tax credit valued at $1,000 lowers your tax bill by the corresponding $1,000. Tax deductions, on the other hand, reduce how much of your...
A business plan is a document setting out a business’s future objectives and strategies for achieving them – Oxford Dictionaries A strategic business plan is vital to the health of your business. In general, it’s a written description of your business’s future; specifically, the next three to five years. That’s all there is to it – the contents of a business plan simply describe how your business will work and the steps you ...
ATTENTION S CORP SHAREHOLDERS!! Anyone remember when the Tax Cuts and Jobs Act(TCJA) was first enacted? Or, even know what it is, lol? If you don't remember, it was the biggest rewrite of the tax code in decades. One of the fallouts from the TCJA is the increased scrutiny by the IRS of S Corporations and their shareholders. The IRS has been especially interested in several tax liability issues regarding distributions, officer loan rep...
Do you feel the time ticking away? 2023 is quickly approaching, and now is the time to do some year-end tax planning. Did your business have a good year? Did you get hit with some unexpected expenses, and now you're rebounding from the recent losses? Did you just launch your business, and you're struggling to make it off the ground? Whatever your situation, there's time before the end of the year to make moves that could save you a bund...
Imagine walking into April, calm and collected, wi...
The Busy Trap: Rethinking Productivity Beyond Busy...
Smart Brevity Count:554 Words | 2 Minutes "Qualit...
Are you tossing and turning at night, unable to sh...
Just submitted your taxes? A sigh of relief, isn't...