Let's say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses. If you have a net loss (deductible expenses exceed revenue) on that activity and you think you can deduct that loss on your personal federal income tax return, think again!
In the News
Wednesday, March 29, 2023
Wednesday, March 29, 2023
Not-for-profits have at least one thing in common with for-profits: Only the strong survive.
Wednesday, March 29, 2023
Thinking about joining a medical practice? You obviously need to perform a due diligence investigation to help obtain basic financial information.
It's important to understand the data and assess your compatibility with the practice. Here are some key items that need to be examined:
Wednesday, March 29, 2023
When business starts to increase, it's time to dig in your heels a little deeper to turn your firm's revenue growth into an upward trend — rather than just a good month. Buying or renting a larger facility can help.
Wednesday, March 29, 2023
If you or a loved one needs long-term care (LTC) services, there are insurance products that can help cover the cost. As an additional incentive, qualified LTC policies deliver some tax advantages.
Wednesday, March 29, 2023
If you're like most manufacturers, you don't track order-processing. Yet focusing on this performance metric can identify operational inefficiencies that are cost-cutting opportunities. And continued monitoring lets you keep those costs in check and predict future outlays.
Wednesday, March 29, 2023
In early March, Silicon Valley Bank (SVB) and Signature Bank unexpectedly collapsed. They became the second and third largest bank failures in U.S. history, respectively. The largest collapse involved Washington Mutual in 2008, precipitating the Great Recession. (See "Two Banks Collapse in One Week" at right.)
Wednesday, March 8, 2023
Retirement Plan Distributions: Know the Tax Rules
At tax time, age matters. Taxpayers who take distributions from their retirement accounts before age 59½ will generally owe a penalty of 10% of the amount of the distribution. There are exceptions, such as the need to pay documented medical bills (within statutory limits).
Wednesday, March 8, 2023
Email messages have become a sweet spot for many not-for-profit organizations.
Email campaigns are relatively easy to organize and execute. And, because most of your target audience may feel comfortable with emailing, it's a convenient way to drive up donations and receive insightful feedback.
Wednesday, March 8, 2023
If you're starting a new medical practice, you may incur several different types of "pre-opening expenses." By pre-opening expenses, we mean those that are incurred during the period before the new practice is actually up and running and earning revenue. Special federal income tax rules apply to such pre-opening costs.
