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Resources for Accountants

Taxable Income from your Pet? [Video]

Taxable Income from your Pet?

Does your pet generate taxable income?

Whether your dog appears in movies, you breed and sell tarantulas, or your cat is an influencer that brings in YouTube revenue, you need to watch out for the IRS.

The IRS might try to classify this activity as a hobby per Section 183, in which case all the income would be taxable and none of the expenses would be deductible.

Thus, you need to show that this is a business, not a hobby.

If it’s a business, then you deduct expenses of that business on Schedule C.

If you can show that you’ve earned a profit in 3 of the past 5 years (2 of the last 7 years for activities involving horses), the IRS will presume it’s a business and not a hobby.

You can also show that it’s a business by keeping accurate records and trying to earn a profit, rather than engaging in the activity simply for recreation.


Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.

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Categories
Resources for Accountants

LOOKUP Function in Excel - Overview, Formula, Step by Step Tutorial [Video]

LOOKUP Function in Excel - In this video on the LOOKUP function in Excel, we'll go over how to use the LOOKUP function in Excel and also understand how it differs from the VLOOKUP function. A practical LOOKUP calculation example will be used to illustrate this.LOOKUP Function in Excel--------------------------------------------The LOOKUP function checks for a value in a range (which can be a single row or single column) and returns a corresponding LOOKUP from the same position of another range (single row or single column). The corresponding LOOKUP is a piece of information related to the value being searched.LOOKUP Excel Formula--------------------------------------------=lookup(lookup_value, lookup_vector, [result_vector])Arguments in LOOKUP Function:--------------------------------------------Lookup value: This is the value that you want to searchLookup vector: This is the row or column in which you wish to search the value. To achieve accurate results, it should be sorted alphabetically or in ascending order.Result vector: This is the row or column region from which you want the output to be returned. The returned output is in the same position as the "lookup value."------------------------------------------------------------------------------------------To know more about the LOOKUP Function, you can go to this link: https://www.wallstreetmojo.com/lookup-excel-function/ ------------------------------------------------------------------------------------------Connect with us! Youtube https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1LinkedIn https://www.linkedin.com/company/wallstreetmojo/mycompany/ Facebook https://www.facebook.com/wallstreetmojo Instagram https://www.instagram.com/wallstreetmojoofficial/ Twitter https://twitter.com/wallstreetmojo

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Resources for Accountants

How to Calculate IRR in Excel [Video]

In this video I’m going to show you how to calculate the internal rate of return for a project in Excel. So I’ve got 6 projects here. For each project, there’s a single cash outflow at the beginning of the project (year 0). This is followed by a series of cash inflows. Now to calculate the IRR of a project, just type =IRR and highlight the series of cash flows. Excel gives you the option to guess the IRR; if you don’t enter anything, it guesses 0.1 (or 10%) until it finds the rate that makes the project’s NPV equal to zero. Now you can see that the IRR for project 1 is 6.73%. This is the time-adjusted, annual rate of return for that project. Dragging the fill handle to the right shows you the IRR for each of the other projects. Now if the company’s hurdle rate was 20%, you would only accept projects 5 and 6. — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES AND SPREADSHEETS * http://eepurl.com/dIaa5z — SUPPORT EDSPIRA ON PATREON *https://www.patreon.com/prof_mclaughlin — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/ * https://michaelmclaughlin.com

Categories
Resources for Accountants

Accountant or Bookkeeper? Which Role Is Right for You [Video]

Become a Controller; enroll in the Controller Academy 🚀 https://controller-academy.com/courses/controller-academy This video will be your ultimate guide on the differences But more importantly, I am gonna focus on how you can make high 6 figures with either of these 2 professions So here is our agenda: we'll take a look at the Job responsibilities of both the bookkeeper and the accountant We'll talk about the education requirements And then, I'll tell you How you can earn high 6 figures regardless of whether you chose to be a bookkeeper or an Accountant Time Stamps: 00:00 Intro 00:27 Agenda 00:46 1. Job Responsibilities 02:23 2. Education Requirements 04:07 3. How Accountants Make $100K plus 06:37 4. How Bookkeepers Make $100K plus ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller https://www.linkedin.com/in/bill-hanna-cpa-7653a851/ DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice