How to Turn Your Hobby into a Small Business

From running on a treadmill to playing the trumpet to writing haikus, there are lots of activities that we all enjoy to get some much-needed relaxation from the everyday stresses of life. So, in the entrepreneurial world, this begs the question: is it possible to turn one of your favorite hobbies into a formal, money-making business venture? 1800Accountant recommends weighing the following factors to determine if an enjoyable hobby of yours could actually be profitable and perhaps even lead to self-employment: 1. How you will turn a profit Hobbies are

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Vietnam Vet Finds Startup Success in Metalwork

Fred Ingram learned a wealth of blacksmith and heavy equipment skills while serving in the Marines during the Vietnam War. He would later apply these valuable abilities to spend over 30 years laboring as a union iron worker. Recently, Ingram got the itch to try his hand at startup success by opening the doors to his own entrepreneurial endeavor. Ingram, a 1800Accountant client, serves as the proud CEO of DD Patriot, LLC. (DD stands for Devil Dog, a motivational nickname for Marines.) The small business is based out of Ingram’s

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Can You Deduct Summer Day Camp Expenses?

Like the classic Alice Cooper song says, “School’s out for summer!” If you have young kids, you’ve probably been pulling your hair out trying to keep them occupied this summer. Fortunately, there are plenty of camps out there for kids of all ages. There is even some icing on the cake  as well – an opportunity to save on your taxes when incurring summer day camp costs. Summer Day Camp Deductions If you’ve ever sent a child to a summer camp, you probably know how expensive it can be. Plus,

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Accounting for Bonds, Investments, & Angel Investing

Sean Vonfenton isn’t your traditional entrepreneur. Instead of starting a business to sell regular products and services in order to generate revenue, Vonfenton discovered the great tax advantages and limited liability of owning a corporate entity. Vonfenton, a 1800Accountant client, launched Von Holdings, Inc. in Delaware back in December 2013. He has one owner in the business and is essentially able to run it all right from his tablet computer. “Initially, we will buy bonds, equities, and certificates of deposit,” Vonfenton explains. “Once we have enough capital, we plan to

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It’s Cell Phone Courtesy Month! Is Phone Use Tax Deductible?

These days, everyone has a cell phone. Not only that, most people have smartphones. These incredibly powerful mobile devices are attached to us like an extra limb. July marks National Cell Phone Courtesy Month. This means we should all take a closer look at when, where, and how we are using our cell phones in order to be courteous around others so that we aren’t talking, texting, or playing games at inappropriate times. On a related note, are cell phones and cell phone use considered an IRS tax deduction? What

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Finance & Tax Tips for High School Graduates

This summer, thousands of high school seniors have walked across the stage, collected their diplomas, and tossed their caps in the air to celebrate the end of a major chapter in their lives. However, once adulthood comes along, there are lots of tax and financial rules and consequences to know about. Check out these financial and tax tips for recent high school grads: – Save money. If you haven’t done so already, start saving money. Individuals who put away a little money on a regular basis starting at a young

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It’s International Joke Day, But Business Taxes Are No Laughing Matter

Perhaps you’ve heard your co-workers laughing in their offices today. Maybe your business partner texted you a funny joke out of the blue. Did you know today is International Joke Day? Yes, cheesy one-liners that make us laugh out loud are humorous for some. But when it comes to IRS business taxes, there is no laughing matter there. Here’s why: – More rules for IRS business taxes than for personal taxes Most individuals use Form 1040 to file their personal income taxes. In the small business world, though, there are

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From Big to Small: Large Companies Becoming Small Businesses

Throughout its 61-year history, the federal Small Business Administration has lended a helping hand to generations of small business owners seeking support in planning, funding, marketing, and other areas. But the SBA has raised some eyebrows due to a significant change it recently announced in terms of how it classifies what a small business actually is. When the calendar turns to Monday, July 14, 2014, an estimated 8,500 large and medium-sized U.S. companies will suddenly fall under the small business umbrella in the eyes of the SBA. This is because

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Summer Expenses You Can Write Off for a Bigger Tax Refund

Summertime has officially arrived. The weather is heating up. The kids are out of school. People are putting on their flip-flops, getting out their grills, and enjoying some time off from their jobs or from their hectic schedules as business owners. Perhaps you plan to take a summer vacation or send your kids to summer camp. No matter what’s on your leisure-filled agenda, here are some summertime expenses you may be able to write off to increase your tax refund in 2015: – Travel expenses If you tie in some

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Helping Clients Get the Proper Medical Care They Deserve

With an aging population, there are more people than ever who require care in an assisted living facility or nursing home. But it can be challenging at times to qualify for this care. To help clients overcome some of these hurdles, Catherine Long took the initiative to start her own small business. A client of 1800Accountant, Long proudly oversees Catherine Lee Long & Associates, LLC in Sacramento, California. The home-based business was formally established in January 2014. While Long does not have typical employees, she has associates whom she works

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