Do You Operate A Business From Home - Is It A Hobby Or Not?

October 12, 2009 5:12 PM in Accountants / CPAs
301 views

Whether it is sewing, woodworking, fishing, gardening, stamp or coin collecting, millions of Americans participate in hobbies that may result in a profit. What are the tax implications of a hobby? When does a hobby become a business and how does that change the tax implications?

Definition of a Hobby vs Business

First, the IRS defines a hobby as an activity that is not pursued for profit. A business, on the other hand, is an activity carried on with the reasonable...

Own You Own Business And Want To Set Up A Retirement Plan?...

September 15, 2009 11:36 AM in Accountants / CPAs
308 views

Out of all the types of retirement plans available to small business owners, the SIMPLE plan is the easiest to setup and least expensive to manage.

These plans are intended to encourage small business employers to offer retirement coverage to their employees. SIMPLE plans work well for small business owners who don't want to spend time and high administration fees associated with more complex retirement plans.

SIMPLE plans really shine for self-employed business...

Owe Money To The IRS? Here Are 8 Tips To Help You Pay The Bill.

September 15, 2009 11:33 AM in Accountants / CPAs
233 views

The vast majority of Americans get a tax refund from the IRS each spring, but what do you do if you are one of those who received a tax bill? Here are eight tips for taxpayers who owe money to the IRS.

1. If you get a bill this summer for late taxes, you are expected to promptly pay the tax owed including any additional penalties and interest. If you are unable to pay the amount due, it is often in your best interest to get a loan to pay the bill in full rather than to make...

How Long Should I Keep These Darn Tax Records?

August 18, 2009 3:15 PM in Accountants / CPAs
1 comments | 1198 views

Have you ever wondered how long to keep those old tax and accounting records?  Well here are some guidlines.

Storing tax records: How long is long enough?

April 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail?

Federal law requires you to maintain copies of your tax...

Retirement Plan Options For Small Businesses

August 18, 2009 3:10 PM in Accountants / CPAs
1488 views

So, you have gone into business for yourself...Way to go.  But you want to put a retirement plan in place for you employees, but don't know what you can do.  Here are some options that might be in interest to you.  This article is a bit long, but I hope that it provides you with some information that can make take some worry off your mind.

How To Make Money On Vacation

August 18, 2009 3:04 PM in Accountants / CPAs
633 views

Have you ever taken a vacation and wished that you could legally take the expenses as a tax deduction?  In order to make it work you have to make sure that you do some very simple things.

How to turn your fun trips into tax cuts

How would you like to deduct every dime you spend on vacation this...

Saving Money For College? Think About A Cloverdell Education...

August 17, 2009 11:23 PM in Accountants / CPAs
673 views

A Coverdell Education Savings Account is an account created as an incentive to help parents and students save for education expenses.

The total contributions for the beneficiary of this account cannot be more than $2,000 in any year, no matter how many accounts have been established. A beneficiary is someone who is under age 18 or is a special needs beneficiary.

Getting Married? Filing Status Considerations

August 17, 2009 11:20 PM in Accountants / CPAs
449 views

Home Office Deduction

August 17, 2009 11:12 PM in Accountants / CPAs
562 views

Do you work from home?  If so then you might be able to claim part of your living expenses as a "Home Office".  Some of the items that you can claim are Rent/Mortgage Interest, Property Taxes, and utilities.

You can claim this deduction for the business use of a part of your home only if you use that part of your home regularly and exclusively:

7 Important Tips For Students Entering The Work Force This Year!

August 13, 2009 2:37 PM in Accountants / CPAs
463 views

Tax Tips For People Looking For Work

August 12, 2009 4:44 PM in Accountants / CPAs
1 comments | 606 views

Tips And Hints For New Small Businesses

August 12, 2009 4:23 PM in Accountants / CPAs
405 views

Ok you started your new business…congratulations.  Here are some basic tips to help you make that new business a success.

The following is a list of the basic tips offered by the IRS to avoid potential problems:

• Classify workers properly as employees or independent...

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