The figures on an income statement report the sales, expenses, and net profit or loss of a business. But these figures can be helpful in another way. They can be used to compute the breakeven point for the business. Knowing your breakeven point can help you run your operations more efficiently and profitably. Read more
Buying rare and precious coins can be an exciting hobby and, for some, a lucrative investment. Unfortunately, it’s also a business that’s rife with potential for con artists. As always, it’s wise to proceed with caution. Following a few simple guidelines can offer protection from unethical sellers. Read more
You’ve done your part. The job is complete, your customer is satisfied — but a month has gone by, and your invoice is still outstanding. You’d like to work with the customer in the future. So how do you get your money without losing the customer? Read more
There are many worthwhile reasons to lend money to a relative. For example, you may want to help a child or sibling continue their education or start their own business. Read more
When your best friend views your nest egg as a source of start-up funds for his latest business venture, or your nephew hits you up for a car loan, your first impulse may be to reach into your bank account to help. But it’s a fact that loans to family and friends often end up straining both finances and relationships. Read more
The home office deduction is available when you use part of your home regularly and exclusively as your primary place of business, or for meeting clients. Read more
Some tax-cutting strategies make good financial sense. Other tax strategies are simply bad ideas, often because tax considerations are allowed to override basic economics. Read more
In these tough economic times, many people are taking a hard look at employment alternatives — some, because they’ve lost their seemingly stable jobs in the corporate world; others, because they dream of striking out on their own. Read more
Any taxpayer that has income that is not subject to withholding may need to make quarterly estimated income tax payments. Read more
If you are operating your business as a partnership, you should have a written partnership agreement. This is true for family partnerships as well. Read more