Remove accounting terms Remove business accounting Remove business tax
article thumbnail

What Is the Hobby Loss Rule & How Can It Impact Your Business?

MazumaBusinessAccounting

Having these records in place can help you make your case that your business is a legitimate business, and you deserve the benefits that come with it. If you need help with your business taxes or finances, reach out to our team. The post What Is the Hobby Loss Rule & How Can It Impact Your Business?

article thumbnail

Tax Forms Explained

MazumaBusinessAccounting

To make sure you are prepared for the future success of your small business, here are some of the important tax forms you will need to know about: 1120 Form: Form 1120 is used to report business taxes to the IRS. With these forms, you’ll report income, gains, losses, deductions, or credits associated with your business.

Tax 69