Overseeing Wind Farm Projects Through A Small Business

Ken Bergman’s brain is constantly spinning like the blades on a windmill. Thanks to his broad knowledge on wind farm construction, Bergman decided that starting a business in this industry was the best path for him to take in his varied career. Bergman, a 1800Accountant client, started Mountainman Wind Energy, LLC in May 2014. The startup is officially registered in Nevada, but Bergman lives in Boise, Idaho and travels around the country to conduct his trade. He’s a one-man band and is able to run the enterprise on his own.

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What are IRS Failure-to-File & Failure-to-Pay Penalties?

We all know how important it is to file our taxes with the IRS on time. But, if for some reason you don’t, are you aware of the specific types of penalties you could face if you do not file them in time and don’t file for a tax extension? You could be on the hook for owing significantly more money to Uncle Sam than you would by meeting all of your tax-filing deadlines. A Breakdown of IRS Penalties A failure-to-file penalty is generally levied on taxpayers who do not

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Treating Common Ailments Through A Small Retail Business

Laurie Bernhard, or “Morika” as her customers affectionately call her, learned about the great benefits of herbal products and aromatherapy many years ago. In fact, she used them to help treat her late son. After working for 9 years as a sole proprietor, Bernhard finally took the leap of faith to set up her own small business – Under The New Moon, LLC. Headquartered out of Bernhard’s home office in Visalia, California, the company took on its current LLC designation in March 2014. “I’m a trained herbalist and aromatherapist,” Bernhard

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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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