Is your activity a hobby or business? Do you want to write off expenses from your hobby? Do you want to turn your hobby into a business? Tax-wise, it can be beneficial to turn your hobby into a business because you can write off losses and expenses. The IRS has a checklist for determining the…
Improving accuracy in Excel spreadsheets over time becomes difficult as formulas tend to get longer and less accurate. Often times when we use Excel formulas, we do them as a one-time thing to solve the immediate need. You may copy and paste that same formula somewhere else and the inaccuracies continue. This quick tip for…
A popular type of corporation is the S-Corporation business entity type. Legally, there is no difference between a C-Corporation and an S-Corporation. However, for tax purposes, the two are very different. An S-Corporation business entity is just a corporation that has made an “S-election” for tax purposes. S-Corporations can be a popular entity choice for…
Historically the C-Corporation business entity is one of the most commonly used entity types. If you or someone you know own a company that has been around more than 30 years, chances are it’s a C-Corporation. The past 25 years or so have given rise to several new types of entities (such as LLCs and…
What is an LLC company type? The acronym stands for Limited Liability Company. The LLC combines the tax advantages of a partnership with the liability protection advantages of a corporation. The LLC company type has become an extremely popular entity choice for new businesses since its creation in the 1990s. Advantages of an LLC company type All…
Does your company need outsourced CFO services? Do you need a chief financial officer but can’t afford to hire one full time? Or does it simply need someone to help see it through a special project or temporarily replace an executive who has fallen ill or left the organization? An outsourced CFO may be the…
Developing leadership is an important role for every manager, but what if I told you that you are probably making a lot of leadership mistakes? Jane Yow, founder of Performance Link, shared the top ten leadership mistakes in business organizations at a recent luncheon. The things she spoke about weren’t monumental truths but are things that many…
“Step up basis” is an important concept for real estate investment and both new real estate investors and those seasoned in the industry. While it may sound like technical accounting jargon, understanding the mechanics can give you an edge when analyzing the economic and tax impacts of a potential real estate deal. Basis For Real…
It’s Monday – Back to Business. If you’re thinking about hiring an accountant, consider the types of professionals that are out there. Everything a company does or does not do translates into either a dollar or lack thereof. If you’re in the process of hiring internal accounting staff understanding the level of skill you’re getting will be…
Business is fluid. A lot like water in a river, it is constantly flowing and transforming over time. To be successful long-term, you must adapt to the new things your industry brings you. Examples of change in business could be: new technology (point of sale systems in retail), industry trends (price bubbles in real estate), or unanticipated events (loss…