The first way to avoid a penalty here, of course, is to ask for permission rather than forgiveness—if you know you are going to need extra time to file for your returns, file for an extension before tax day using Form 4858 if you’re filing as a sole proprietor or Form 7004 if you’re operating as a corporation. While you’ll still need to pay what you expect your tax to be by tax day, this grants you extra time to get your affairs in order to file.
In today’s world of side hustles, turning your passion into your job, and marketplaces that allow anyone to make money off anything, the line between a hobby and a business can seem like a fuzzy one. But since hobbies and…
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…
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.
