Category Archives: Business Taxes

Business Tax Stories

Hobby or Business? Why It Matters

50e14550f90642d0b99abaa721f40acdMillions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS.

Definition of a Hobby vs. a Business

The IRS defines a hobby as an activity that is not pursued for profit. A business, on the other hand, is an activity that is carried out with the reasonable expectation of earning a profit. Continue reading Hobby or Business? Why It Matters

Basic Tax Tips for New Businesses

Basic Tax Tips for New Businesses

 

Basic Tax Tips for New Businesses
Basic Tax Tips for New Businesses

If you start a business, one key to success is to know about your federal tax obligations. Not only will you probably need to know about income taxes, you may also need to know about payroll taxes as well. Here are five basic tax tips that can help get your business off to a good start. Continue reading Basic Tax Tips for New Businesses