Joel Schmitz CPA

Hobby Versus Business

Nine factors are looked at in distinguishing between a hobby and a business activity. They are:
1. How you execute the activity
2. Your level of expertise
3. How much time and effort you put into the activity
4. The amount of occasional profits, if any
5. Whether or not you think the assets used in the activity will increase in value
6. Your financial status
7. Prior success in similar ventures or activities
8. Income or loss history associated with an activity
9. Elements of recreation involved in the activity
[green_message]Source: http://ift.tt/22N1Gfi [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

IRS Details Certification Process for PEOs
[green_message]Source: http://ift.tt/1VIqjJb [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

We make a living by what we get. We make a life by what we give. -Sir Winston Churchill
[green_message]Source: http://ift.tt/1sTdQqu [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

Small Business Health Care Tax Credit Facts:
• The maximum credit is 50 percent of premiums paid for small business employers and 35 percent of premiums paid for small tax-exempt employers.
• To be eligible for the credit, you must pay premiums on behalf of employees enrolled in a qualified health plan offered through a Small Business Health Options Program Marketplace, or qualify for an exception to this requirement.
[green_message]Source: http://ift.tt/1V2nJtW [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

What Do They Mean By Imputed Interest?
If no interest or an unrealistic amount of interest is charged in a salve involving certain kinds of deferred payments, then the transaction will be treated as if the realistic rate of interest had been used. The difference between the realistic interest and the interest actually used is referred to as imputed interest.
[green_message]Source: http://ift.tt/1XhF6fy [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

Tax Strategy Scan: Mutual Funds, Friendly and Not
[green_message]Source: http://ift.tt/1RJZTzD [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

The most beautiful discovery true friends make is that they can grow separately without growing apart. -Elizabeth Foley
[green_message]Source: http://ift.tt/1Y1SQfc [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

Memorial Day Fast Facts: More than 36 million people will travel at least 50 miles from home this Memorial Day.
At least, according to AAA estimates. That’s the highest total since the recession.
[green_message]Source: http://ift.tt/1TLOgxS [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

Matching for-profit Sec. 183 rules with re-energized Boomers
[green_message]Source: http://ift.tt/1ONHimg [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

5 carryovers to remember when doing 2016 tax planning
[green_message]Source: http://ift.tt/1s7TKso [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

4 threats to the insurance industry: tax reform (and 3 others)
[green_message]Source: http://ift.tt/1XO2oZb [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

Fear is a reaction. Courage is a decision. -Sir Winston Churchill
[green_message]Source: http://ift.tt/27ImUyC [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

Senate Mulls Allowing Corporations to Deduct Dividends
[green_message]Source: http://ift.tt/1sz6wk5 [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

What Do They Mean By Mixed Costs?
Costs which have both fixed and variable components when measuring behavior with changing volume of production or sales. An example of a mixed cost might be utility costs for which there are fixed monthly hookup fees plus costs that vary with the volume of production. Because basic CVP analysis requires that all company costs be distinguished as either fixed or variable, any mixed costs of a company must be analyzed and broken apart into their fixed and variable components. Two common methods used to accomplish this are the high-low and scattergraph methods.
[green_message]Source: http://ift.tt/1TXDoLR [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

Quit Bullying and Fight Corruption in the U.S., Tax Havens Say
[green_message]Source: http://ift.tt/1sss4ii [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

There is nothing impossible to him who will try. Alexander the Great
[green_message]Source: http://ift.tt/1TT2f3u [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

FASB Tweaks Revenue Recognition Standard
[green_message]Source: http://ift.tt/1XlB44l [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

To qualify for S corporation status, the corporation must meet the following requirements:
• Be a domestic corporation
• Have only allowable shareholders
o May be individuals, certain trusts, and estates and
o May not be partnerships, corporations or non-resident alien shareholders
• Have no more than 100 shareholders
• Have only one class of stock
• Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).
[green_message]Source: http://ift.tt/27bqcKB [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

U.S. Companies Could Lose $1 Trillion if Corporate Interest Tax Deduction Eliminated
[green_message]Source: http://ift.tt/1T1wtPj [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

Happy Mother’s Day!
[green_message]Source: http://ift.tt/1TsT9ra [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

IRS Tax Tips for Starting a Business
Click to learn more: http://ift.tt/24Ai4kx
[green_message]Source: http://ift.tt/1WLB1OE [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

Survivorship Life Insurance Useful For Estate Planning
[green_message]Source: http://ift.tt/1Oeyequ [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

What do they mean by Accelerated Depreciation
Method that records greater DEPRECIATION than STRAIGHT-LINE DEPRECIATION in the early years and less depreciation than straight-line in the later years of an ASSET’S HOLDING PERIOD.
[green_message]Source: http://ift.tt/1UwxOlT [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

Understanding Your Letter 0012C
Requesting information to reconcile Advance Payments of the Premium Tax Credit
http://ift.tt/24jycKA
[green_message]Source: http://ift.tt/1TggtZ2 [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

You cannot get through a single day without having an impact on the world around you. What you do makes a difference, and you have to decide what kind of difference you want to make. -Jane Goodall
[green_message]Source: http://ift.tt/1Tauwzl [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

View business due dates with the IRS tax calendar.
[green_message]Source: https://www.youtube.com/watch?v=AdtNcKueEW4 [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

Small Businesses Plan to Invest Tax Refunds
[green_message]Source: http://ift.tt/1rAfVrg [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

What Do They Mean By Accelerated Depreciation?
Method that records greater DEPRECIATION than STRAIGHT-LINE DEPRECIATION in the early years and less depreciation than straight-line in the later years of an ASSET’S HOLDING PERIOD.
[green_message]Source: http://ift.tt/1qQGk30 [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

IRS Scammers Demand Payments on iTunes Gift Cards
[green_message]Source: http://ift.tt/1qN57oL [/green_message] Follow me on Facebook at http://ift.tt/1geQt49

Tips for Those Who Missed the Tax Deadline http://ift.tt/23Mg4sA
[green_message]Source: http://ift.tt/22RcMhX [/green_message] Follow me on Facebook at http://ift.tt/1geQt49