When To Turn A Hobby Into A Business
Hobbies are a great distraction from the hustle and bustle of work. Over time, some of us become so good at our hobbies that they start providing income for us. How many cupcake bakers, woodworkers, photographers, and other hobbyists do you know who have found an extra source of income doing what they love? Are […]
Clearing The Path For Business Property Tax Breaks
While President Trump’s new administration works vigorously to unravel many of the programs put in place by President Obama, the Protecting Americans from Tax Hikes (PATH) Act of 2015 remains intact. In fact, the IRS only recently released guidance for those interested in taking advantage of laws like Section 179 for real estate improvements (see […]
Leasing Versus Buying Under The New Section 179
Now that the IRS Section 179 deduction permanently offers small businesses an immediate expense deduction of up to $500,000, some of the property you may have leased in the past could serve you better when purchased, at least from a tax deduction standpoint. According to the IRS, this property may include specific equipment, vehicles, computer […]
Employee Fraud Is More Common Than You Think
Is someone at your business “cooking the books” behind your back? Don’t bet against it. According to the Association of Certified Fraud Examiners (ACFE), small businesses (with fewer than 100 employees) average 28 percent more fraud losses than large businesses. On average, those businesses lost more than $150,000 each. The ACFE recently provided methods to […]
Exit Strategies: A Lesson From The Trenches
When Randy Smith started his own business at 28 years old, he truly set out on his own: with no partners and no investors. What he envisioned with his point-of-sale technology company, he achieved. Now, at 53, Smith has sold his company and successfully retired. We asked him to share some of the smart moves […]
The Social Security Tax Trap
Taxes are behind one of the oldest business-owner curses: The more you pay yourself, the more it could cost you in the long run. A huge culprit in this scenario is the Social Security tax. Most often, what you put into Social Security is nowhere near what you get out of it in benefits. And […]