Maybe you’ve dabbled with the idea of renting out your property to make some extra money but are worried it’ll end up costing you more than it’s worth come tax time. Or maybe you just don’t want to deal with…
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Entrepreneurship can be a lonely job. Before I started my business, I thought every day would be filled with clients, friends, and family, enjoying coffee and brunch dates and just being surrounded by people who got me all the time….
Technically you’re not allowed to start taking standard business deductions until your business has actually, well, started. Which, in the eyes of the IRS, means you’re ready to provide or have started providing the goods or services you’re going to…
While the IRS has been working to implement the new rules and regulations brought forth by the Tax Cuts and Jobs Act (TCJA), my team and I have been reading and reviewing this major tax legislation to see how it…
Taxes on the sale of a home containing a home office depend on whether your office is located inside or outside of your home, and how you filed your deductions. If your office is within the walls of your home and you used the simplified deduction, there are no additional taxes on the sale of your home because of your home office. If your office was located outside of your home (like in a backyard shed), you will have to pay taxes on the portion of the sale tied to your home office. If you took deductions for depreciation of your home office, you will need to pay a tax on those deductions when you sell your home.
You Determine Your Worth – Not Clients, Competition or Others Worth is two-fold – it’s how we feel about our personal value and it’s the literal value of our services/business. And for both of those, we should determine our worth,…
There are so many ways to price photography, which is why you’ve probably stumbled across several different guides on pricing for photographers. No matter what method you choose, your pricing should be created to support your business and for your…
A cash flow plan is simply predicting the amount of money that will flow in and out of your business every month, months in advance, to make sure you don’t run out of cash.
Amortization is similar to depreciation but focuses on the costs of intangible assets. It allows businesses to account for the cost of intangible assets over time. Intangible assets are non-physical assets that are expected to provide value to a business for more than a year. The most common way to amortize is to divide the cost of an intangible asset over the number of years you expect it to provide value to your business.
Accrual accounting records a monetary transaction when the good or service is delivered—so when you send an invoice or receive a bill. Cash accounting records monetary transactions when the money actually moves—so when bills or invoices are paid. Cash accounting can be preferable for tax purposes since you’re only taxed on the money you’ve actually received. Accrual accounting can make your revenue look more steady since it doesn’t represent time lag in payments.