How to Create a Positive Work Environment

Creating a positive work environment is a great way to draw better employees to your business. If your employees feel valued, they take pride in being part of a successful business. We’re going in depth on five ways to help your employees feel more valued in our How to Create A Successful Business series. Click on … Continued

What is the Kiddie Tax?

What is the Kiddie Tax? The Kiddie Tax is a tax applied to a child’s unearned income. When children under the age of 18 make $2,100 or more in unearned income, that income is taxed at the guardian’s tax rate. Unearned income is considered any gifts of stock or other investments. The Kiddie Tax does not … Continued

What Business Records You Should Keep for Tax Purposes

Keeping business records for tax purposes can be completely overwhelming, but it’s critical in order to keep your business safe if you’re ever audited. The most overwhelming part of keeping business records is knowing what records are important. We’ll go through the Internal Revenue Service’s (IRS) recommendations on what to keep and how long to keep … Continued

5 Marketing Terms Every Business Owner Should Know

Marketing is an important aspect of any business, but it’s often overlooked because it can be costly. If you’re trying to save money by taking on the marketing  for your business by yourself, then these 5 marketing terms will help you get started. Lead magnet Lead magnets are most commonly used to increase subscribers to … Continued

What is an Itemized Tax Deduction?

What is an Itemized Tax Deduction? An itemized tax deduction is the alternative to taking the standard tax deduction. An itemized deduction counts all of your tax deductions in order to lower your taxable income. It requires more work than claiming the standard deduction, but it can also pay off if your itemized tax deduction … Continued

How to Calculate Estimated Quarterly Taxes

When you have income that isn’t subject to withholdings then you must pay estimated quarterly taxes. This is the Internal Revenue Service’s (IRS) way of collecting taxes from people who don’t have them withheld from their paychecks. Our guide on estimated quarterly taxes will help you understand who needs to pay them, how to calculate … Continued

What is the Hobby Loss Rule?

What is the Hobby Loss Rule? If your business goes too many years without making a profit it can be classified as a hobby. When it becomes a hobby you can no longer claim losses as business deductions. In order to determine if you are running a business or a growing a hobby, the Internal Revenue … Continued

FAQ – Is Office Furniture Tax Deductible?

Furnishing an office is a necessary, but expensive endeavor. The Internal Revenue Service (IRS) understands that office furniture is a vital aspect of running a business, so they allow business owners to deduct those expenses on their taxes. Office Furniture There are rules when it comes to deducting office furniture. First, the IRS only allows … Continued

How to Create a Positive Work Environment: Put Employees First

Employees are the lifeblood of your business; however, they’re constantly fighting for that recognition. Employers don’t put employee first; customers, management and boards all come before employees. By putting employees last on the totem pole, many companies are hurting their profits. Businesses Put Customers First Many business owners set up their business model with a … Continued

What are Gifts of Equity?

What are Gifts of Equity? A gift of equity is when family members sell property to other family members for less than market value. The gift of equity is specifically the difference between the market value and what the buyer pays. A gift of equity can be for any amount, up to the total value of … Continued