administrator No Comments

5 Ways to an Accountant’s Heart

In the last few years, the shortage of accounting professionals has grown tremendously, and many business owners are struggling to find reputable, quality accounting services. Prices for accounting services may have gone up due to this supply/demand imbalance, and they will keep going up for years to come– due to the shortage of accounting graduates and the overall pipeline. It makes sense to explore how to work better with your accountant as they become more and more scarce and in demand. A Read more [...]
administrator No Comments

Cool Tech Tools: Drones

Drones were considered fun when they first came out, but they are far from toys. Drones have surprising benefits with extremely high return on investment to certain business owners. A drone is a robot that can fly and that is controlled by a remote device. The technology includes GPS (global positioning system) and built-in sensors. There are many benefits to using drones: They can go places where it might be dangerous for employees to access, improving employee safety. They increase efficiency Read more [...]
administrator No Comments

What Income Are You Required to Pay Tax On?

In general, income can be received in three ways – money, services, and property – and IRS requires you to declare most of this income on your tax return. Income is taxable unless specifically exempted by law, and in some cases, even nontaxable income must be disclosed on your tax return. Taxable Income Typically, the following types of income are required to be declared on your tax return, and you must pay tax on them: Wages Salaries Commissions Strike pay Rental income Read more [...]
administrator No Comments

Do You Need a Business Savings Account?

If you have accumulated more money in your business checking account than you really need for daily operating expenses, that is a nice problem to have! It’s time to consider putting that money to work. A business savings account might be your answer. Every bank is different when it comes to the features and benefits of their business offerings. Here is a list of some of the items to consider asking your banker. Is your checking account interest-bearing, and if so, how does the interest Read more [...]
administrator No Comments

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 [...]