2,121 plain-English guides on cross-border moves, US and Canadian returns, and small-business money. Each one ends in what to do next, and says when a written Diagnostic is the smarter first step.
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When the IRS says your side business is a hobby, records win the case: a separate account, a written plan, time logs and proof you changed course when you lost money.
Small Business & BookkeepingIf the IRS reclassifies your side business as a hobby, the income stays taxable, the losses no longer offset other income, and every open loss year can come back with penalties.
Small Business & BookkeepingRunning a side business at a loss? Set it up so it reads as a business before anyone asks: books, a plan, logged hours, pricing above cost, and a call on whether to file Form 5213.
Small Business & BookkeepingIRC 183 is the hobby loss rule: an activity not engaged in for profit can't produce a deductible loss. Profit in 3 of 5 years (2 of 7 for horses) presumes a business.
Small Business & BookkeepingProfit in 3 of 5 years (2 of 7 for horses) presumes your activity is a business. Form 5213 lets a new activity wait out its first five years, and it's due within 3 years.
Small Business & BookkeepingWhen a hobby starts generating consistent income, transitioning to a formal business structure unlocks deductions, retirement plan contributions.
Small Business & BookkeepingThe IRS decides hobby vs. business on nine factors in Treas. Reg. 1.183-2(b), from how you keep books to whether you enjoy it. No one factor decides the outcome.
Small Business & BookkeepingA home office converts otherwise non-deductible personal expenses (mortgage, rent, utilities) into business deductions. Home office deduction methods.
Small Business & BookkeepingThe home office deduction (IRC 280A) allows business owners who use part of their home regularly and exclusively for business to deduct a portion.
Small Business & BookkeepingHome office deduction requirements (IRC 280A): The two tests (both must be met): 1. Regular use. The space must be used on a regular basis for business.
Small Business & BookkeepingThe home office deduction requires exclusive and regular use of a dedicated space. Simplified method: $5/sq ft up to 300 sq ft ($1,500 max).
Small Business & BookkeepingThe home office deduction requires exclusive and regular business use of a specific area. The simplified method offers $5/sq ft up to $1,500.
Small Business & BookkeepingThe home office deduction allows business owners to deduct expenses for the portion of their home used regularly and exclusively for business.
Small Business & BookkeepingThe home office deduction is available to self-employed individuals who use a dedicated space regularly and exclusively for business.
Small Business & BookkeepingThe home office deduction is available to self-employed business owners who use a portion of their home regularly and exclusively for business.
Tax PlanningAn HSA paired with a high-deductible health plan offers triple tax savings: contributions are pre-tax, growth is tax-free.
Tax PlanningHealth Savings Accounts (HSAs) offer a triple tax benefit: contributions are deductible, growth is tax-free, and qualified withdrawals are tax-free.
Tax PlanningA business owner earning $80,000 most years but $250,000 in one year pays more lifetime tax than one earning $120,000 every year.
Small Business & BookkeepingA well-drafted independent contractor agreement protects the business from worker misclassification claims and clarifies tax obligations.
Small Business & BookkeepingThe independent contractor tax picture: 1. Self-employment tax: 15.3% on net earnings. Self-employment tax: 15.3% on net.
Small Business & BookkeepingMisclassifying an employee as a 1099 independent contractor creates significant liability: back employment taxes, penalties, interest.
Small Business & BookkeepingMisclassifying employees as independent contractors triggers back taxes, penalties, and interest. Worker classification is one of the highest-stakes.
Small Business & BookkeepingWorker classification determines whether a business must withhold income taxes, pay employment taxes (FICA, FUTA, unemployment), and provide benefits.
Small Business & BookkeepingIRC 6015 provides relief for spouses who filed joint returns and did not know about their spouse's understatement or omission.