News, Tips and Updates
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It matters if the IRS presumes your activity to be a business or otherwise a hobby. Businesses can use tax losses and can generally deduct their expenses. Hobbies are significantly limited in what they can deduct. If you consistently are profitable, or you expect to be, you can be presumed to be a business. It otherwise comes down to a series of factors.
Are you often losing documents? Can’t find that key report or that spreadsheet? Having documents get out of control does get crazy. We give you three big weapons in getting your documents in order and your business life organized below.
Do you have unpaid bills? Is cashflow tight because your customers are taking too long to pay you, or not paying at all? There are things you can do. There is action you can take. Learn 10 things you can do to get paid below.
Get a handle on complex IRS Tax rules about meals, travel and entertainment. You can’t deduct most meals; but exceptions (in full or part) apply. Business travel can generally be deducted for most employees. You can’t, in general, deduct entertainment.
There are a number of special situations that arise when you issue an Australian tax invoice. We will cover some of these below. GST Free Sales -Taxable and non-taxable sales You don’t include Australian GST in the price if your product or service is GST-free (even if...
Tax invoices are invoices that comply with GST/VAT requirements. If you are registered for these taxes, then you need to issue tax invoices.
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