Accounting for Sick leave and Absences if you’re a Small Business Owner

With the recent coronavirus outbreak, discussions of paid leave, and states of emergency, more attention has been paid to sick time and paid time off than ever before. If you’re a small business owner with just a few employees, you might not have an official sick time policy. Or, you might not have paid much attention to tracking employees’ time off, relying on the honor system.

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Claiming an Elderly Parent or Relative as a Dependent

Do you have an elderly parent or adult relative that you take care of? It doesn’t have to be a parent; it could be an adult child with special needs, an elderly aunt or another close relative. As long as it is a qualifying relationship, the IRS allows you to claim such a persons as a dependent on your tax return. There are certain criteria and it must be done in a certain way, but it can be done. Below are the general guidelines, but you should consult with your tax professional for details.

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Deep in Debt? Tips For Digging Your Way Out

Being able to borrow is a huge benefit when you need extra help, but debt is a huge burden that is very hard to dig your way out of. The problem is that debt creeps up on you over time. No one purposely goes into debt for tens of thousands of dollars. But little by little, it’s very easy to wind up owing so much that it’s almost impossible to see your way out of debt. Don’t be discouraged if this has happened to you. It’s happened to many good people throughout time. And there is hope. At first, it will feel like you’re just using a teaspoon to dig your way out, but over time and using the strategies below, you’ll be getting rid of your debt with huge shovelfuls.

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How to Account for your Side Hustle

Selling cheesecakes on the side, or DJ’ing friend’s weddings? You’re not alone. Over 15% of Americans work a side hustle, for reasons ranging from building a savings account to paying off debt. The side hustle has become increasingly popular, especially in the gig economy where rideshare and grocery delivery apps have made it easy for people to monetize their spare time. Read more