Businesses must have methods for recording their financial transactions; this include purchases, sales, payments, and receipts. This daily process, known as bookkeeping, has multiple forms of entry systems.
One of the most popular is the double-entry bookkeeping system.
The underlying concept of double-entry bookkeeping [...]
It can be difficult to keep up with new technology; sometimes it feels like the world can change if you stop paying attention for a few minutes. Things that we accept as normality were utterly unthinkable just a few generations ago. Our grandparents would have to spend weeks to get from one country to another, and now we can whiz along [...]
Small business owners must watch every penny. They also need accounting software that gives them quick, accurate results for all their business accounting jobs. For many years, Quickbooks by Intuit has served this need, but the growth of other software companies means that today’s small business owners have a variety of programs f [...]
One of the biggest hurdles you’ll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to most people.
The old legal saying that “ignorance of the law [...]
Hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting (I build radio controlled model boats/ships) can make you money. Recently a client contacted me about taking her Photography to a new level. So lets look at this subject again.
When that hobby starts to turn a profit, it might just be considered a busine [...]
Guest post by Mariette Knoblauch of Ballard Beancounters
In the economic chaos of the past few years, many people have turned to self-employment. If you have a home-based business, you may very well have a home office, and a convenient deduction on your federal income taxes.
What makes a home office deductible?
There are several combin [...]
Here are some guidelines to help determine if a vendor needs to be set up as a 1099 vendor.
Who must file Form 1099?
Persons engaged in a trade or business must file Form 1099 MISC when certain payments are made. A person is engaged in business if he or she operates for profit; thus, personal payments aren’t reportable.
Payments to Repo [...]
Why It Matters
Millions of Americans use hobbies to relax and take their mind off work. But hobbies that turn a profit – such as sewing, woodworking, fishing, gardening, stamp and coin collecting – may actually be considered businesses by the IRS.
So, when does a hobby become a business and how does that change the tax impli [...]
Rob Teuber is an attorney with the law firm Weiss Berzowski Brady LLP and author of the tax law blog www.federaltaxlawforum.com.
I deside to repost this as it would seem the information has been forgotten.
Choosing the Right Representative to Help You with Your Federal Tax Problems.
When you or your business is faced with tax problems [...]
Truck-driving is a vital industry to our economy. I have been a part of that industry for 24 years and know I will always be a part of it. I even maintain a Class A CDL. As such I am very familiar with the ins and outs of the trucking industry and its related tax issues.
Congress has designed numerous tax benefits designed specifically [...]