Do you treat your tourism business as a hobby? Or as a business? Quick answer is probably, “Well, of course, a business!” But when you think about the financial end of things...do you REALLY?
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Often farmers will put off "real" bookkeeping until their farm is their main business or main source of income. (For the sake of this post, we'll ignore that it's very, VERY difficult for a farm to become a profitable business without sound bookkeeping practices.) However, it may be even MORE important to establish solid bookkeeping when farming is a secondary business.
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This is a cautionary tale based off of a true story.
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I cannot stress enough how vital it is that your bank and credit card reconciliations are up-to-date and correct.
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If you are a farmer or rancher forced to sell your livestock because of the drought that affects much of the nation, special IRS tax relief may help you.
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I have created a Facebook group for those in the farming industry to get help with their bookkeeping needs.
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"Entrepreneurs thrive on a DIY mentality: Do everything you can yourself and don't pay for anything new until you have absolutely have to. It's especially difficult to justify hiring financial help like a bookkeeper.
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If you barter, you should know that the value of products or services from bartering is normally taxable income. This is true even if you are not in business.
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This article from AgWeb has some really great advice on tax traps.
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Payroll can be extremely tricky. So much depends on the laws of your state, how many employees you have, whether those employees are full- or part-time, what type of compensation they receive (salary? hourly? commission? etc.), what benefits you offer...the list can go on and on!
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Farms include ranches, ranges and orchards. While some may raise cattle, poultry or fish and others grow fruits or vegetables, all will report their farm income on Schedule F, Profit or Loss from Farming. If you own a farm or ranch, here are 10 tax tips
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Categorizing income and expenses properly is essential to produce accurate financial reports, measure your operation's performance, budget for the future, and more. Without placing transactions in the correct category, a bookkeeping system is essentially worthless, since the final numbers don't mean anything. Is an operation even profitable in this situation? Who really knows?
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I see it all. the. time. And in the past, I've even done it myself! "No big deal...I'll just keep the receipts," or "I'll get around to getting a business bank account eventually," or "But my personal checking is free...business checking has fees." Sound familiar? Keep reading to find out why (and how!) to change!
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Are you a member of the "balance the checkbook to the penny" club? Or do you belong to the "as long as we're within $500 most of the time, we're good" club? Or do you just look at your bank balance online, see that there is still money in your account, and call it good?
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We have great intentions to keep our expenses separate, but it's all too easy to mix them together. "What's the harm?" we think, especially if we are sole proprietors.
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In a successful business, the financial records must be accurate and up to date. One of the biggest mistakes business owners make is to not have a system at all for their bookkeeping. Not only can this waste time, it can also waste a LOT of money.
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It's getting to be that time again...time to start thinking about changes you will make in your business. Even when things are going great, most people tend to look at January 1st as a new start of something. Here are some possible things you may want to try.
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