We specialize in bookkeeping, payroll, income tax return preparation, and retirement planning, and serve a nationwide clientele consisting of individuals and businesses of all types and sizes (LLC, partnerships, C & S Corporations), as well as trusts and estates. As financial problem solvers, we provide practical advice and proactive solutions with personalized service. We are affordable, experienced, and friendly, and we tirelessly study and research the ever-changing world of tax law and regulation so that we can help every client realize the greatest possible savings and return on investments. Our office is conveniently located in Dover, Delaware. Please contact us today to find out more about how we can make YOUR life less taxing!Tax
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๐๐ผ๐ ๐ฑ๐ผ ๐ ๐ธ๐ป๐ผ๐ ๐ถ๐ณ ๐บ๐ ๐๐ถ๐ฑ๐ฒ ๐ถ๐ป๐ฐ๐ผ๐บ๐ฒ ๐ถ๐ ๐ฐ๐ผ๐ป๐๐ถ๐ฑ๐ฒ๐ฟ๐ฒ๐ฑ ๐ฎ ๐ต๐ผ๐ฏ๐ฏ๐ ๐ผ๐ฟ ๐ฎ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐?
Getting paid via Venmo or PayPal doesn't automatically make your side income a business. The IRS looks at how you operate and whether your primary goal is making a profit.
If you keep separate books, set aside regular work hours, and take on ongoing gigs like freelancing or tutoring, you're operating as a business.
If you're just making money here and there from something you do for fun, like streaming or selling a few crafts, that's usually hobby income. You aren't really trying to make a living off it.
This distinction completely changes your tax setup. Business owners report their earnings on Schedule C and can deduct ordinary expenses to lower what they owe. If your side income is more of a hobby, you report the earnings on Schedule 1 as other income, but you can't write off any expenses against it.
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๐๐ฟ๐ฒ ๐๐ผ๐ ๐ฎ๐น๐ฟ๐ฒ๐ฎ๐ฑ๐ โ๐บ๐ผ๐ป๐ฒ๐๐บ๐ฎ๐
๐
๐ถ๐ป๐ดโ ๐๐ถ๐๐ต๐ผ๐๐ ๐ธ๐ป๐ผ๐๐ถ๐ป๐ด ๐ถ๐?
Itโs the social media term for getting more value from your money, like cutting expenses or even putting rewards points to use.
๐๐ฉ๐ข๐ตโ๐ด ๐ฐ๐ฏ๐ฆ ๐ธ๐ข๐บ ๐บ๐ฐ๐ถโ๐ณ๐ฆ ๐จ๐ฆ๐ต๐ต๐ช๐ฏ๐จ ๐ฎ๐ฐ๐ณ๐ฆ ๐ง๐ณ๐ฐ๐ฎ ๐บ๐ฐ๐ถ๐ณ ๐ฎ๐ฐ๐ฏ๐ฆ๐บ ๐ณ๐ช๐จ๐ฉ๐ต ๐ฏ๐ฐ๐ธ?
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๐๐ผ๐๐น๐ฑ ๐บ๐ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐๐๐ฟ๐๐ฐ๐๐๐ฟ๐ฒ ๐ฝ๐๐ ๐บ๐ ๐ฝ๐ฒ๐ฟ๐๐ผ๐ป๐ฎ๐น ๐ฎ๐๐๐ฒ๐๐ ๐ฎ๐ ๐ฟ๐ถ๐๐ธ?
If youโre operating as a sole proprietor, thereโs no legal separation between you and your business.
So if your business canโt pay a creditor or gets hit with a lawsuit, your personal savings, home, or vehicles could be exposed too.
As your business grows, make sure the way you operate reflects that growth.
That may mean forming an LLC or corporation, then moving your business banking, contracts, insurance policies, vendor accounts, and payment processors into the companyโs legal name.
The goal is to create a clearer line between what belongs to you personally and what belongs to the business.
๐๐ฉ๐ช๐ค๐ฉ ๐ฑ๐ข๐ณ๐ต ๐ฐ๐ง ๐ด๐ฆ๐ฑ๐ข๐ณ๐ข๐ต๐ช๐ฏ๐จ ๐บ๐ฐ๐ถ๐ณ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด ๐ง๐ณ๐ฐ๐ฎ ๐บ๐ฐ๐ถ๐ณ ๐ฑ๐ฆ๐ณ๐ด๐ฐ๐ฏ๐ข๐ญ ๐ง๐ช๐ฏ๐ข๐ฏ๐ค๐ฆ๐ด ๐ฅ๐ฐ ๐บ๐ฐ๐ถ ๐ฉ๐ข๐ท๐ฆ ๐ฒ๐ถ๐ฆ๐ด๐ต๐ช๐ฐ๐ฏ๐ด ๐ข๐ฃ๐ฐ๐ถ๐ต? ๐๐ฆ ๐ธ๐ฐ๐ถ๐ญ๐ฅ ๐ญ๐ฐ๐ท๐ฆ ๐ต๐ฐ ๐ข๐ฏ๐ด๐ธ๐ฆ๐ณ ๐ต๐ฉ๐ฆ๐ฎ ๐ช๐ฏ ๐ต๐ฉ๐ฆ ๐ค๐ฐ๐ฎ๐ฎ๐ฆ๐ฏ๐ต๐ด.
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First State CPAs & Associates |
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|
18 S. State St, Dover, DE 19901 |
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| (302) 736-6657 | |
| Business Hours | |
| January 1st January 31st | |
| MondayโFriday: | 8amโ5pm |
| Saturday & Sunday: | closed |
| February 1st April 15th | |
| MondayโThursday: | 8amโ6pm |
| Friday: | 8amโ5pm |
| Saturday: | By appointment |
| Sunday: | closed |
| April 16th December 31st | |
| MondayโThursday: | 8amโ5pm |
| Friday, Saturday & Sunday: | closed |