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TL;DR Accounting Blog

Mid-Year Check-In

Mid-Year Check-In

We’re coming up on halfway through 2022 already. I know, it surprised us too! Did you know that the classic 1973 sci-fi film Soylent Green takes place in 2022? It predicted ecological disaster, global warming, and (spoiler alert) widespread unwitting cannibalism! We’re speculating on how well all of that matches with our current reality. (We do find ourselves wondering what they really put into that Soylent drink.) Fictional (or less-than-fictional) dystopian issues aside, it’s time for a mid-year review of your financials. It’s good to check in on your business at least a few times during the year to make…
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Business or Hobby? The Hobby Loss Rules

Business or Hobby? The Hobby Loss Rules

Despite the IRS’s best efforts to portray themselves as a fun-loving organization, we feel that they’ve rightfully earned their reputation as the “fun police.” It doesn’t help that there is a particular set of regulations that can feel like it specifically discourages having fun. This set of regulations is called the Hobby Loss Rules. The purpose of these rules is to make it so that you can’t deduct the expenses borne from having fun. To put it more formally, these rules are there to ensure that business deductions you take on your income taxes are for activities that are meant…
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Self-Employment: Saving for Your Future

Self-Employment: Saving for Your Future

Do you sometimes find yourself sacrificing long-term success in order to serve urgent business needs? Sure, you’ll retire one day, but it’s not today. Today you need to pay your rent before they change the locks on you! While this kind of behavior can keep you afloat in the short run, or maybe even a long time, it’s likely that you’ll end up wondering where all the money went. As you may have heard with personal budgeting, “pay yourself first.” Well, it turns out that this rule applies to business budgeting as well! Or more realistically we will advise this:…
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