June 13, 2017
Many people dream of making a living by indulging their passion or hobby. Sounds great, doesn’t it? And it can be done, but it’s important to understand that taking this path has no guarantees and that there are important questions to answer honestly before you take the leap. A few of these questions include:
Be realistic about the risks and the rewards of entrepreneurship. Sometimes it is just not feasible to launch a business that incorporates a particular passion. Make sure that you examine the business potential of your ideas carefully, starting by asking yourself the questions above. If you are honest with yourself and do your homework, you’ll be able to determine if you really will be able to turn your passion into a profitable business.
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The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
Unfortunately, cyber scammers never take a vacation. In fact, the IRS has issued a warning of a surge in fraudulent emails that bait potential phishing victims with fake tax transcripts. Links within these emails lead recipients to documents containing the well-known malware, Emotet.