Turning Your Hobby Into a Business

  Turning Your Hobby Into a Business July 26, 2021   You’ve loved dogs all your life so you decide to start a dog 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...

Small Business IRS Audit Mistakes

  Small Business IRS Audit Mistakes July 22, 2021   In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you do get audited by Uncle Sam. • Mistake: Missing income....

Hire Your Kids for Tax Savings

  Hire Your Kids for Tax Savings June 8, 2021   Summer’s here and most children will be on their long-awaited summer vacation. If you own or manage a business, have you thought of hiring your children, nieces, or nephews for a summer job? If you do it right,...

How to Roll with a Continuous 12-Month Forecast

  How to Roll with a Continuous 12-Month Forecast June 7, 2021   What is a Rolling Forecast? Rolling forecasts let you continuously plan with a constant number of periods 12 months into the future. For example, on January 1, you would plan what your...

Contractor Or Employee?

  Differentiating Contractor from Employee February 25, 2021   The Basics As a Contractor If you are the worker and you are not considered an employee you must; pay self-employment taxes (Social Security and Medicare related taxes) make estimated federal and...

Organized Business Records Save Time and Money

  Organized Business Records Save Time and Money February 19, 2021   Here are some suggestions to help you master the art of documenting and organizing your business now and in the future. Document Policies and Procedures. Write down daily responsibilities,...