Millions of U.S. taxpayers engage in hobbies such as collecting stamps or coins, refurbishing old cars, making crafts, painting or breeding horses, and the list goes on.
Some hobbies will actually generate income, and some will even evolve into businesses. The tax treatment of hobbies with income is quite different than that of a trade or business, and making the distinction can be
Whether you’re just starting out, or you have an established business, you make choices every day for the growth of your business. Each choice affects your success. One decision that is very important, is how you will manage your financial records. There are several key considerations when you make your choice.
An effective system for accounting is critical to your company’s health. The right accounting solution helps
Recently I posted an article from the IRS to our Pricewise Facebook page that stated the names of companies contracting with the IRS for the purpose of collecting on overdue federal tax debts. I stated at that time that I would post a subsequent blog article regarding your rights as a consumer under the Fair Debt Collection Practices Act. Well, here it is.
Dealing with financial trouble can be difficult and stressful. But when you have a debt collector who is harassing you and using unscrupulous methods, it can make matters worse. The good news is you do have some rights when it comes to
This is Part Two in our discussion of How to Start a Small Business. In our first installment, we covered business plans, corporate structure, business licenses and permits, Tax ID numbers, and business location. In this installment we’ll get into the nitty gritty of operating a business.
If you run a small business, it’s not uncommon to find yourself not knowing where to begin with accounting basics. You’re in charge of making sure your books are in order, but if you’re like most small business owners, your bookkeeping practices are almost non-existent. The only place you keep track of your company’s spending
There has never been a greater time in history to start and own a small business. Advancements in technology have made it easier and easier for entrepreneurs to get started with very little startup cost.
So, you have an idea and want to start your own business. First things first, you need to design a business plan. I know that sounds like a huge task, and in some respects, it is. But, you have to know what you want to achieve with your business and it’s best to sort that out at the beginning. We’ve all heard the adages, ‘If you fail to plan, you plan to fail.’ or ‘If you aim at nothing, you’ll hit it every time.’ Those are all true! There are 3 D’s in owning a business…
