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Is Your Business Considered a Hobby by the IRS?

Are you running a business? Or just having fun with a hobby? The IRS has strict rules for determining the difference between a business and a hobby for tax purposes. While expenses incurred to conduct a business are deductible, expenses incurred for a hobby may not be, causing your taxes to increase. A person that conducts an activity for profit is allowed to deduct the expenses that are ordinary and necessary in that industry. If the expenses exceed the income, a loss is incurred. This loss Read more [...]
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Year-End Accounting Tasks: What Should You Do?

Accounting Tasks at Year-End You might wonder why there are so many extra tasks at year-end. While the government requires much of the work, there is clean-up work and adjustments that need to be done to make the books accurate. It’s not always cost-effective to perform all of these updates monthly, so you’re actually saving money by doing some of them at year-end.  Here are just some of the items that are performed at year-end. Tax-related: If you have payroll, employees Read more [...]
Patricia Anderson No Comments

Learning a New Language: Tax Terms

How to Speak “Tax” This time of year and into April, we begin to hear a different vocabulary come to life: “Credit.”  “Exemption.”  “Adjusted Gross Income.”  It can seem as if your accountant speaks a different language from you. While we’ll do our best to explain the tax terms we use during your appointment, we’ve compiled a list of them for those of you who’d like to be more “in the know.” Not only will this better equip you to keep up at your Read more [...]
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Tax Tips

Sales Tax Checkup Collecting sales tax is one of those things that most businesses need to do on a regular basis.  It’s also a chore that is somewhat done by machines and administrative personnel. If the rules change and the procedures go out of date, business owners who are not watching for these changes could be taking risks they don’t realize they have.  In 2018, the world of sales tax was turned upside down by one court case: South Dakota vs. Wayfair, Inc. Wayfair is Read more [...]
Patricia Anderson No Comments

Get Ahead on Year-End Tasks

Get Ahead on Year-End Tasks
Year-end is just around the corner, and that means a couple of administrative tasks are necessary to take care of bookkeeping and tax chores. Here are a couple of tips to make year-end go smoother.
Cleaning up
Things will go a lot smoother if you reach out to your vendors and employees and get their help to update your records.

Send a notice to all employees, asking them to verify their address so they will get their W-2s without delay.
Make sure you have the Read more [...]