The time has come for us to take it to the next level. This past weekend I had the pleasure of speaking at the Essence of Motown Literary Jam. This conference was for readers, writers, authors & poets. While I don't consider myself a writer I was delighted to take part. This conference helped me to realize several things. Number one: We can all learn from each other. Number two: We all have something of value inside. For some it's the value of sharing a struggle we have faced and overcome. For others its sharing how we have loved and lost and loved again. I am inspired to share the struggles I have faced in life with others so that they might have hope.
From a business standpoint the conference allowed me to share my accounting and tax knowledge. It was encouraging to share my business experience and knowledge. While many of the tax regulations are straight forward many are not. While being creative, business owners should be careful not to go beyond the basic IRS guideline.
For example, the IRS has guidelines for separating personal and business expenses. The IRS has determined the following :
For example, if you borrow money and use 70% of it for business and the other 30% for a family vacation, you can deduct 70% of the interest as a business expense. The remaining 30% is personal interest and is not deductible. Refer to chapter 4 of Publication 535, Business Expenses, for information on deducting interest and the allocation rules.
To find out information about the Essence of Motown Literary Conference go to http://essenceofmotown.com/. Also checkout the following.
http://www.hubbooks.biz/ , http://www.sylviahubbard.com/ , http://motownwriters.com/
From a business standpoint the conference allowed me to share my accounting and tax knowledge. It was encouraging to share my business experience and knowledge. While many of the tax regulations are straight forward many are not. While being creative, business owners should be careful not to go beyond the basic IRS guideline.
For example, the IRS has guidelines for separating personal and business expenses. The IRS has determined the following :
Personal versus Business Expenses
Generally, you cannot deduct personal, living, or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part.
Generally, you cannot deduct personal, living, or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part.
For example, if you borrow money and use 70% of it for business and the other 30% for a family vacation, you can deduct 70% of the interest as a business expense. The remaining 30% is personal interest and is not deductible. Refer to chapter 4 of Publication 535, Business Expenses, for information on deducting interest and the allocation rules.
To find out information about the Essence of Motown Literary Conference go to http://essenceofmotown.com/. Also checkout the following.
http://www.hubbooks.biz/ , http://www.sylviahubbard.com/ , http://motownwriters.com/
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