Business or Hobby?Tue Feb 21, 2017
How many people have a dream, a passion, or a vision that turns into a business on the side? Turning a dream into a business will require hard work and investment, and to make things worse, the IRS will not want the federal government to subsidize the effort with tax deductions if they determine that the business is a hobby. Knowing the rules may help keep a new business in the business column and off the roles of hobbies.
After the Final FourTue Feb 21, 2017
The road to the men’s basketball Final Four is long and hard even in Division III, but the road beyond is much longer and can be much harder. Derwin George, an Audit Senior with Wilkerson Guthmann, knows what it takes to make the tough decisions and maintain the discipline necessary to reach challenging goals.
The Other TaxTue Feb 21, 2017
Talk about taxes and most people will assume the topic is income tax. Sales and use tax does not come as readily to mind for most, but over 40 percent of the revenue taken in by the state of Minnesota comes from sales and use tax. While the spotlight continues to shine on income tax, sales and use tax often remains hiding in a mysterious shadow for many taxpayers.
Backdoor Roth ConversionTue Feb 21, 2017
Roth IRAs can be effective tools for retirement planning. While there are stated income restrictions that limit who can make a contribution to a Roth IRA, there are backdoor Roth conversions that make the Roth IRA still within reach of higher income taxpayers.
Getting the Bookkeeping Done RightTue Jan 17, 2017
There is no one right way for small businesses to get the bookkeeping done, but if a business is going to succeed, it must be done and done well. Do-it-yourself bookkeeping and a part-time, in-house bookkeeper are two viable options, but an outsourced bookkeeping solution might be the best one to allow the business owner to concentrate on the business growth strategy without the stress of wondering if the bookkeeping is being done right.
Hockey Goals and BeyondTue Jan 17, 2017
A successful young hockey player dreams of playing Junior A Hockey as a steppingstone to the pros, but achieving this goal takes dedication, drive, and talent. Jonny Heidbrink, an associate with Wilkerson Guthmann, had plenty of all three, and the journey began.
New Lease Accounting StandardTue Jan 17, 2017
In 2016, after several years of deliberation, the Financial Accounting Standards Board issued a new accounting standard for leases. Under this standard, entities that lease assets instead of owning them (lessees) will be now required to recognize most of these leases on their balance sheets. The new standard represents a significant change to lease accounting. Accordingly, entities should not underestimate the effort required to comply with the new requirements.
Form 1099-MISC Requirements May Be SurprisingTue Jan 17, 2017
Form 1099-MISC is typically used by small businesses to report a payment of $600 or more for non-employee compensation, rent, prizes and awards, and various other payments. Since states also want the same information, the IRS created the Combined Federal/State Filing Program with the intent of eliminating duplicate filing at the federal and state levels. It is especially important for all business owners, not just those that operate in multiple states, to stay educated on the latest filing requirements of Form 1099-MISC, as penalties can be both costly and aggravating.