Want to turn a hobby into a business? Watch out for the tax rules

Want to turn a hobby into a business? Watch out for the tax rules

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on...
Shawn Parikh – An Entrepreneur in Two Countries

Shawn Parikh – An Entrepreneur in Two Countries

Episode Transcription 00:00:00 – Glenn Harper Hello everybody. Welcome to another podcast of Empowering Entrepreneurs, The Harper Company Way. I’m Glenn Harper. 00:00:05 – Julie Smith And Julie Smith. 00:00:06 – Glenn Harper Well, welcome. And...
Tax considerations when adding a new partner at your business

Tax considerations when adding a new partner at your business

Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it. Let’s...
Once you file your tax return, consider these 3 issues

Once you file your tax return, consider these 3 issues

The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You...
Thinking about converting your home into a rental property?

Thinking about converting your home into a rental property?

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries...