August 18, 2016
Tax Tip: Rules for Home Office Deductions

Making Money with Your Hobby

In this article we are going to discuss the topic of “Making Money with Your Hobby”. Most Americans have hobbies that they enjoy, but some use hobbies to generate extra income.  For example, eBaying, coin collecting, stamp collecting, antiquing, and many other pursuits can often rake in additional cash to cover expenses. The IRS requires you to report all income on your taxes, however the rules on deductions and income depend on whether it’s a hobby or a business. Here’s what the IRS says: Making Money with Your Hobby The easiest way to determine whether your hobby is a business or not, is to think about whether you treat it as a way to make a profit and whether you depend on the income. Consult a qualified tax professional if you have questions. You can generally deduct accepted expenses for your hobby, such as the cost of stamps or supplies. However, you can only deduct expenses up to the limit of the income earned by the hobby. For information on how to itemize your hobby deductions, consult a tax expert or read Publication 535, “Business Expenses,” on IRS.gov. Tip courtesy of IRS.gov
August 2, 2016

VIDEO: MILLION DOLLAR PRACTICE

MILLION DOLLAR PRACTICE Are you a young dentist and striving to produce 1 MILLION in revenue? Do you have a plan to reach this goal? Do you find yourself hitting a ceiling of production and need some custom motivation to reach your goals? #dentist see the value in working with experienced professionals. #wealth planners with business experience are not any different! Heritageinvestor So above in the video, we have described how you can make your first million dollars. If you liked the video and enjoyed it then please don’t forget to share it with others on social media and other platforms.