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Many people have moneymaking hobbies they would like to claim as businesses on income tax forms in order to take bigger deductions. How do you do that? You can deduct hobby expenses only up to the amount of income your hobby yields. But you can claim business expenses – and deductions – above and beyond the total […]

What is GmbH (Gesellschaft mit beschr?¤nkter Haftung) ? Gesellschaft mit beschr?¤nkter Haftung (GmbH) is a type of business structure in Germany, Austria and Switzerland similar to a limited liability company (LLC) in the United States. Other abbreviations with the same meaning include GesmbH (more common in Austria), mbH when the term Gesellschaft is part of […]

Choosing an organization for your business is similar to buying a new car. You have to know what models are available and which of those models has the features and options that fit your needs. For a business, there are basically four “models” or types of organizations to choose from: the sole proprietorship, the partnership, […]

INCOME STATEMENT Financial statement showing a company’s sales, expense and net income or loss for a specific period of time. INDEPENDENT PUBLIC ACCOUNTANTS Public accountants are independent when neither they nor any of their family have a material, direct or indirect financial interest in the borrower other than as an accountant. INDUSTRIAL REVENUE BOND (IRB) […]

What is NFIB? The National Federation of Independent Business (NFIB) is the nation’s leading small-business advocacy association, with offices in Washington, D.C., and all 50 state capitals. NFIB’s powerful network of grassroots activists send their views directly to state and federal lawmakers through our unique member-only ballot, thus playing a critical role in supporting America’s […]

The HUBZone Empowerment Contracting Program stimulates economic development and creates jobs in urban and rural communities by providing Federal contracting preferences to small businesses. These preferences go to small businesses that obtain HUBZone (Historically Underutilized Business Zone) certification in part by employing staff who live in a HUBZone. The company must also maintain a “principal […]