You say Business – IRS disagrees, Hobby

Start a business in something you love?  You are making little money but that does not matter – you are enjoying the tax deduction advantages.  You can turn a seemingly expensive activity to a mini-business with a bunch of tax write-offs.  What a deal! But then the shock comes when the IRS says, “No!” you have a hobby and your tax deductions are taken away.   Continue reading…


Next big topic is tax cuts. What is a tax cut?

Tax cuts are a hot topic. The impact of a tax cuts is not fully understood, which has lead to a number of questions. What will it do for the economy? How will the tax cut effect individuals? How will the tax cut effect businesses? Will it encourage people to spend more? What type of tax cut is it? Continue reading…


Understand a Profit & Loss Statement

Most people that work for a business may never think about the reports that aid owners and managers for making decision. One of those reports is the profit & loss statement. The profit & loss statement shows all of the company’s income from sales, services and any other sources. It also shows the companies expenses. These are good things to record to see if the company is making a profit or a loss. Continue reading…