Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Definition of a Hobby vs a … Read More
Hobby or Business? Why It Matters
How Long to Keep Personal Income Tax Records
You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Generally, this means you must keep records that support items shown on your return until the period … Read More
Who Must Pay Estimated Tax?
If you owe additional tax for 2012, you may have to pay estimated tax during 2013. You can use the following general rule as a guide during the year to see if you will have enough withholding, or if you … Read More
A SIMPLE Retirement Plan for the Self-Employed
Of all the retirement plans available to small business owners, the SIMPLE plan is the easiest to set up and the least expensive to manage. These plans are intended to encourage small business employers to offer retirement coverage to their … Read More
Deducting Charitable Contributions: Eight Essentials
Donations made to qualified organizations may help reduce the amount of tax you pay. With that in mind, here are eight tips to help ensure your contributions pay off on your tax return. 1. If your goal is a legitimate … Read More
What Income Is Nontaxable?
Generally, you are taxed on income that is available to you regardless of whether it is actually in your possession, but there are some situations when certain types of income are partially taxed or not taxed at all. Here are … Read More
How to Read Financial Statements
One of the most important things we do at Eckhardt Accounting is the preparation of financial statements from our clients’ source documents so that relevant information can be returned to the client in a timely manner. With this information, our … Read More