Has The IRS Classified Your Business As A Hobby? 3 Things You Can Do
It seems like almost everyone has a side gig these days. Online marketplaces that allow people to sell anything and everything have made it possible for people to turn their hobbies into a viable business. The sale of any item is subject to taxation, but the IRS treats hobby sales and business sales very differently. Most people want to be classified as a business so that they can claim deductions to reduce their tax burden.
4 Ways To Offer Employee Benefits And Get Tax Credits Too
As an employer, you want to build employee loyalty while still turning a healthy profit. One way to do this is to make use of benefits for which your company can get tax credits. What type of credit-worthy benefits should you provide? Here are a few options you may want to consider. Health Insurance. Health care coverage is one of the top priorities of many American workers. As a small employer, you may not be obligated to provide health insurance, but doing so provides benefits to everyone.
Want to Extend Credit to Your Customers? 3 Things You Need to Know
One of the ways you can make more money as a small business owner is by extending credit to your customers. Extending credit to your customers is one way to allow your customers to purchase goods and services and pay you off over time. This can be a great service to offer your customers, and it can really help you expand your business. However, offering credit can be a complicated process that requires a little more business accounting knowledge than just sending out regular invoices.
Five Mistakes To Avoid If You're Undergoing An IRS Audit
Audits initiated by the IRS can cost you a lot of money if you don't handle them properly. For many people, facing an audit can cause stress and provoke feelings of dread. However, dealing with an audit isn't nearly as complicated or costly as most people assume. You can get through your audit as smoothly as possible by avoiding the following five mistakes: Trying to rush through the audit While you might be eager to get your audit over with, you're probably better off if you take your time with it and delay whenever possible.