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For-Profit Business

Don’t let the IRS treat your sideline as a hobby

Leave a Comment / Safe Habor, Side "Gig", Small Business, Small Business Owners, Small Business Tips, Tax Return /

Do you operate a side gig in addition to your regular day job? Whether you’ve turned a love for crafting into an online store or you play the guitar at a local venue, you’ll need to report the income from your sideline activity on your tax return. But can you deduct the related expenses? The […]

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Keeping meticulous records is the key to tax deductions and painless IRS audits

Business Deductions, Business Expenses, Business Travel Deductions, Deductable Expenses, Income Tax, Internal Revenue Service (IRS), US Tax Court /

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported

Keeping meticulous records is the key to tax deductions and painless IRS audits Read More »