Know Better Do Better.

Know Better Do Better. The Graphene infused strip may provide various health benefits that may improve microcirculation, ma
(12)

Is your Jewel a business or a hobby?Let’s take a look at the difference in what the IRS says makes your business a legal...
02/29/2024

Is your Jewel a business or a hobby?

Let’s take a look at the difference in what the IRS says makes your business a legal entity.

First, you purchased a business whether it’s a legal startup, home-based or franchise.

Business vs. hobby test:

The difference between businesses and hobbies is that you have to prove that your hobby is a business by passing not one but nine tests. ... Business expenses and losses are fully deductible, while the expenses related to a hobby are only deductible up to the amount of any income you earned from your hobby.

The IRS defines a hobby as an activity that an individual pursues without intent to generate a profit. Almost everyone partakes in some sort of hobby without worrying about whether it will generate income. However, as soon as you take steps to attempt to generate a profit you've got a business on your hands.

Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing -- no matter what a person’s passion, the Internal Revenue Service offers some tips on hobbies.

Taxpayers must report on their tax return the income earned from hobbies. The rules for how to report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions taxpayers can claim for hobbies. Here are five tax tips to consider:

1. Is it a Business or a Hobby? A key feature of a business is that people do it to make a profit. People engage in a hobby for sport or recreation, not to make a profit. Consider nine factors when determining whether an activity is a hobby. Make sure to base the determination on all the facts and circumstances. For more about ‘not-for-profit’ rules, see Publication 535, Business Expenses.

2. Allowable Hobby Deductions. Within certain limits, taxpayers can usually deduct ordinary and necessary hobby expenses. An ordinary expense is one that is common and accepted for the activity. A necessary expense is one that is appropriate for the activity.

3. Limits on Hobby Expenses. Generally, taxpayers can only deduct hobby expenses up to the amount of hobby income. If hobby expenses are more than its income, taxpayers have a loss from the activity. However, a hobby loss can’t be deducted from other income.

4. How to Deduct Hobby Expenses. Taxpayers must itemize deductions on their tax return to deduct hobby expenses. Expenses may fall into three types of deductions, and special rules apply to each type. See Publication 535 for the rules about how to claim them on Schedule A, Itemized Deductions.

5. Use IRS Free File. Hobby rules can be complex and IRS Free File can make filing a tax return easier. IRS Free File is available until Oct. 16. Taxpayers earning $64,000 or less can use brand-name tax software. Those earning more can use Free File Fillable Forms, an electronic version of IRS paper forms. Free File is available only through the IRS.gov website.

6. When you purchased your business in realty you purchased a shell, like the McDonalds building. You still need to purchase products. You must have inventory to sell. You need furniture and employees.

7. Have you set up a duplicable training system which you train on?

8. Who determines your business hours? Are you available with good customer service, whether it’s in-house or an outside entity which answers your phone calls and does your customer servicing.

9. Do you have a difference in your W-2 employees and your 1099 contractors?

10. Did you open a business bank account and not co-mingle your personal and business funds?

11. Do you maintain good business booking and document your investments and expenses?

12. Do you have a tax advisor?

13. Do you have legal representation or advisor?

02/29/2024

Is your Jewel a business or a hobby?

Let’s take a look at the difference in what the IRS says makes your business a legal entity!
First, you purchased a business whether it’s a legal startup, home-based or franchise.

Business vs. hobby test
The difference between businesses and hobbies is that you have to prove that your hobby is a business by passing not one but nine tests. ... Business expenses and losses are fully deductible, while the expenses related to a hobby are only deductible up to the amount of any income you earned from your hobby.

The IRS defines a hobby as an activity that an individual pursues without intent to generate a profit. Almost everyone partakes in some sort of hobby without worrying about whether it will generate income. However, as soon as you take steps to attempt to generate a profit you've got a business on your hands.

Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing -- no matter what a person’s passion, the Internal Revenue Service offers some tips on hobbies.
Taxpayers must report on their tax return the income earned from hobbies. The rules for how to report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions taxpayers can claim for hobbies. Here are five tax tips to consider:
1. Is it a Business or a Hobby? A key feature of a business is that people do it to make a profit. People engage in a hobby for sport or recreation, not to make a profit. Consider nine factors when determining whether an activity is a hobby. Make sure to base the determination on all the facts and circumstances. For more about ‘not-for-profit’ rules, see Publication 535, Business Expenses.

2. Allowable Hobby Deductions. Within certain limits, taxpayers can usually deduct ordinary and necessary hobby expenses. An ordinary expense is one that is common and accepted for the activity. A necessary expense is one that is appropriate for the activity.

3. Limits on Hobby Expenses. Generally, taxpayers can only deduct hobby expenses up to the amount of hobby income. If hobby expenses are more than its income, taxpayers have a loss from the activity. However, a hobby loss can’t be deducted from other income.

4. How to Deduct Hobby Expenses. Taxpayers must itemize deductions on their tax return to deduct hobby expenses. Expenses may fall into three types of deductions, and special rules apply to each type. See Publication 535 for the rules about how to claim them on Schedule A, Itemized Deductions.

5. Use IRS Free File. Hobby rules can be complex and IRS Free File can make filing a tax return easier. IRS Free File is available until Oct. 16. Taxpayers earning $64,000 or less can use brand-name tax software. Those earning more can use Free File Fillable Forms, an electronic version of IRS paper forms. Free File is available only through the IRS.gov website.

6. When you purchased your business in realty you purchased a shell, like the McDonalds building. You still need to purchase products. You must have inventory to sell. You need furniture and employees.

7. Have you set up a duplicable training system which you train on?

8. Who determines your business hours? Are you available with good customer service, whether it’s in-house or an outside entity which answers your phone calls and does your
customer servicing.

9. Do you have a difference in your W-2 employees and your 1099 contractors?

10. Did you open a business bank account and not co-mingle your personal and business funds?

11. Do you maintain good business booking and document your investments and expenses?

12. Do you have a tax advisor?

13. Do you have legal representation or advisor?

Based on your answers to these questions it might be hard for someone to decide if you are operating a business or playing with your hobby.
As a team “The Three Amigos, LLC are always here to assist our business partners.
We also believe in networking with all our business partners. There are a lot of business professionals on our team that specialize in legal, credit, marketing and advertising and finances.

If you have any questions feel free to make contact with us and we can refer you to someone on our team that may have the answer to your questions.

Alex Council presenting at the Bronner Brothers show in Atlanta!
02/27/2024

Alex Council presenting at the Bronner Brothers show in Atlanta!

The Art of Innovation   Reign Premium Sanitary Napkins have a soft cotton design, with a 3-dimensional layer, and leak g...
02/22/2024

The Art of Innovation

Reign Premium Sanitary Napkins have a soft cotton design, with a 3-dimensional layer, and leak guard sides for extra protection.

The Reign Innovative design offers ‘Nobel Prize,’ Graphene strip technology. This technology may provide health benefits to potentially help with circulatory health, cell activity, and metabolic health. In addition, it may help inhibit harmful bacteria growth.

Designed with an air-laid blockade for extra protection against undesired leakage, our innovative technology is adept at moving the moisture away from the body, so you feel secure and dry.

Reign Sanitary Napkins are designed for super absorbency, absorbing up to 10x more menstrual flow than traditional sanitary napkins.

Offering even more protection, we have added a bottom layer with extreme breathability. This eliminates heat and undesirable moisture. The perforated bottom layer offers air dispersion to keep the area cool and most of all dry, eliminating the growth of harmful bacteria.

The breathable bottom layer also provides a durable adhesive without the use of toxic chemicals that are detrimental to a female’s most precious area, as well as the planet.

Reign pads are individually wrapped with a single strip tape closure design to keep the product secure and protected from any outside elements.


For More Information Contact:
Hanna Smith
770-899-5132

To Order Go to Our Website:
hannasmith.jewelpads.com

02/21/2024
The Art of Innovation   Reign Premium Sanitary Napkins have a soft cotton design, with a 3-dimensional layer, and leak g...
02/21/2024

The Art of Innovation

Reign Premium Sanitary Napkins have a soft cotton design, with a 3-dimensional layer, and leak guard sides for extra protection.

The Reign Innovative design offers ‘Nobel Prize,’ Graphene strip technology. This technology may provide health benefits to potentially help with circulatory health, cell activity, and metabolic health. In addition, it may help inhibit harmful bacteria growth.

Designed with an air-laid blockade for extra protection against undesired leakage, our innovative technology is adept at moving the moisture away from the body, so you feel secure and dry.

Reign Sanitary Napkins are designed for super absorbency, absorbing up to 10x more menstrual flow than traditional sanitary napkins.

Offering even more protection, we have added a bottom layer with extreme breathability. This eliminates heat and undesirable moisture. The perforated bottom layer offers air dispersion to keep the area cool and most of all dry, eliminating the growth of harmful bacteria.

The breathable bottom layer also provides a durable adhesive without the use of toxic chemicals that are detrimental to a female’s most precious area, as well as the planet.

Reign pads are individually wrapped with a single strip tape closure design to keep the product secure and protected from any outside elements.


James Smith Patricia Youmans
770-899-5132 912-334-8708
hannasmith.jewelpads.com Pyoumans.jewelpads.com

We all make New Years resolutions.My goal is to share our Reign Premium Sanitary Napkins with all the Women in my life a...
01/01/2024

We all make New Years resolutions.

My goal is to share our Reign Premium Sanitary Napkins with all the Women in my life and ask them to care enough about the Women in their life to share that Reign offers a potential solution to many of the Feminine Health and Hygiene challenges that many of our Women are dealing with in Silence.

Reign offers a healthier, safer, non-toxic, perfume and dye free product all natural product that will keep you comfortable and dry.

To order Reign Products go to:

Hanna Smith presents the Reign Premium Sanitary Napkins. Created with you in mind. Because every woman is a queen and deserves to Reign!

Share this vital women's health awareness information with all the women in your life.When you know better you can do be...
12/31/2023

Share this vital women's health awareness information with all the women in your life.

When you know better you can do better

https://comfortableanddry.shop

04/14/2022
03/27/2022
6Star is a company aimed at entrepreneurs that have a desire to acquire part-time, customer driven, residual income. Our...
10/04/2021

6Star is a company aimed at entrepreneurs that have a desire to acquire part-time, customer driven, residual income. Our three cornerstones for success are principles, people and profits. We intend to implement foundational philosophies, principles and sound business practices which will then be applied to our inclusive, diverse culture and direct sales model.

For More Information contact James Smith 770-899-5132
or go to http://painlesschoice.com

Our Assist to Eliminate Period Poverty is a menstrual health awareness initiative that provides informative knowledge by...
03/17/2021

Our Assist to Eliminate Period Poverty is a menstrual health awareness initiative that provides informative knowledge by sharing the Justice For My Jewel Campaign (https://jfmj.org),.

A campaign that addresses the harmful effects presented by the most popular sanitary napkin and tampon brands on the market today.

JFMJ’s mission offers a potential solution in the brand of Reign Premium Sanitary Napkins which is the only line of menstrual pads in the U.S. infused with the Nobel Prize winning material, Graphene.

“Reign Pads” help to curtail many of the discomforts and health challenges so many of our females struggle with i.e. lost days at work and school, painful cramps, heavy bleeding, embarrassing situations due to stained clothing, foul aroma, moodiness from unbalanced Ph levels, and a multitude of reproductive challenges.

Now, imagine a homeless female dealing with any of the above situations with no access or means of purchasing safe and effective personal hygiene products.

We have partnered with several local community organizations to provide the women and young girls of their community with Reign Premium Sanitary Napkins, the safest and most effective, chemical-free, sanitary pads on the planet!
donate
https://www.facebook.com/ /722023362008912/

Thanks for your donations,

James Smith
770-899-5132

We are asking for $6.00 or $12.00 Which equates to 1 or 2 packs of pads for a young lady in need.

Address

366 McDonough Parkway
McDonough, GA
30253

Alerts

Be the first to know and let us send you an email when Know Better Do Better. posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Know Better Do Better.:

Share


Other McDonough health & beauty businesses

Show All

You may also like