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Hobby or Business? It Makes a Difference for Taxes

Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. The differences are: Businesses Entered Into for Profit – For…
Tax Due Dates

August 2017 Individual Due Dates

August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required…
Convention Expense
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Deducting Convention Expenses

Generally, an individual can deduct travel expenses from attending conventions, seminars or similar types of meetings within the North American area, provided that attendance benefits the taxpayer’s trade or business. However, family members’…
Business Vehicle
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Better to Sell or Trade a Business Vehicle?

As the end of the year approaches, business owners may be thinking about replacing a business vehicle – profits from the business may be up, so the timing may be right to acquire a new vehicle, or the current vehicle may finally be on its…

Be Confident of Your Set Priorities

Let's face it, we could all use a little help achieving our goals and improving our productivity. The key to doing this is to figure out what you want and make a list of your priorities.  The first step in accomplishing your goals is to…

Which Legal Structure Is the Right One for My Business?

There are several different types of legal set-ups for you to choose from.  Each have their own set of rules, advantages, and disadvantages.  Here is a quick overview of business structures you can choose from. * Sole proprietorship. …