A Video Guide to Deducting Expenses

A Video Guide to Deducting Expenses

Every business deals with expenses; like it or not, money has to be spent in the process of earning income. However, deducting expenses from tax returns helps business owners, real estate investors, etc., minimize their tax bills. Deducting expenses can be a tricky subject to deal with every year, as laws change and the IRS…

Hobby vs Business – What’s The Difference?

Hobby vs Business – What’s The Difference?

A  subject that comes up quite often at Anderson, when helping set up entities for clients, is clarifying the difference between a hobby vs business. What exactly differentiates the two? While it may seem like a trivial matter, the IRS has very clear rules about what constitutes a hobby vs a business. These rules become…

C vs S Corporation

C vs S Corporation

Why Would Anyone Use a C-Corporation? John is a real estate investor who is wholesaling and flipping properties.  He is in the beginning stages of his business and some attorney says to create something called a “C-Corporation” for his business.  He forms the business and all is well until he talks to his accountant who…