So Much Info, So Little Time…

Ah, when you haven’t written a blog in 8 days, you accumulate alot of information to impart. I’m going to synopsize alot of that in this one blog post.

IRS and Small Business Recordkeeping
Wondering how you should prove expenses for your business when it comes to taxes? What are considered to be adequate records? How long should you keep records and receipts? For a good in-depth view of this topic, including a nifty chart you can print out and post, go here.

Home Office Deductions
Here are FIVE important facts about Home Office Deductions you should be aware of if you are running a homebased business.

Hobbyists Ask Yourself Some Questions
Here are eight questions the IRS wants you to ask yourself if you are a hobbyist.

Phishing Scams
The IRS is warning everyone of email “phishing” scams which have become more and more prevalent in recent months. Those involved in the fraud often pose as officials seeking personal and financial information. If you respond, you can become a victim of identity theft. One scam involves the Making Work Pay provision of the stimulus plan. The customer receives an unsolicited email appearing to have been sent by the IRS, saying the consumer is eligible for a tax refund. The IRS notes that it DOES NOT contact or discuss tax account matters with taxpayers via email.

ZIPskinny.com
This truly, dare I say AWESOME, site was brought to my attention by Keith Yurgosky of the SBDC staff. Click here, then enter your zip code. You will get a wealth of U.S. Census data on the zip code area you entered, including comparisons and charts to other areas. LOVELY, especially for those needing demographic information for the development of business plans and marketing information. THANKS KEITH!

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About The University of Scranton SBDC

The University of Scranton SBDC provides no cost small business consulting services that are tailored to fit the needs of small business clients of Bradford, Lackawanna, Monroe, Pike, Susquehanna, Tioga, Wayne & Wyoming Counties. The center offers confidential individualized assistance designed to identify and address the problems of small business owners as well as individuals interested in establishing a business. The program is jointly funded by the US Small Business Administration, Pennsylvania Department of Community and Economic Development and The University of Scranton.
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