Calculate Depreciation

There are many ways to calculate depreciation, but it is best to choose a method that closely matches the expected utilization rate of the asset itself. Most assets are time based while others have a production expectancy. Consult your accountant for some guidance.

Hobbies – Business Perspective and Tax Compliance

Hobbies

Many people turn their hobbies into a business operation.  Not so much to make a living or make big profits, but more to help offset the costs of the hobby.  Whenever you go to one of those community fairs, the vendors at the respective booths are mostly folks selling a product that is direct outcome of their hobby.  The bands that play on stage, they make some money, but never enough to offset the cost of instruments, gear and transportation.  But they enjoy entertaining folks and they hope someday they’ll get discovered. 

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