The IRS can call your money-losing business a hobby – and take away your deductions!

If your business has been losing a lot of money for a long time, the IRS could call it a hobby and stop you from deducting your losses. Key to avoiding the “hobby” status is that your business earns a profit in three out of the last five years, including the most recent year.  Here […]
Continue reading…

 

Quick, cheap, and easy bookkeeping

This simple spreadsheet in Google Docs allows you to easily and quickly keep the books for a simple business. Simple Instructions1. In the Simple Accounts page, enter your beginning bank balance in the “Cash” column under “Opening Balance.” For each transaction:2. Enter the date under the “Date” column. 3. Enter a description in the “Description” […]
Continue reading…