A partnership is when two or more people come together to run a business and share in the profits and losses. Each partner may contribute money, property, or services to the business, and then share in any profits or losses. In a partnership, power is shared between the partners. Partners usually have unlimited liability, unless an [...]
This article was published by the IRS. Many people have hobbies - things they enjoy doing in their spare time - and some even make a little extra money from them. However, there’s a difference between a hobby and a business, especially how each is treated when it comes to filing taxes. Businesses operate to make [...]
This article was published by the MA Department of Revenue. I. Introduction The U.S. Treasury minted the last penny on November 12, 2025. Nevertheless, a penny remains legal tender. As a result, vendors may be experiencing a penny shortage, and they have begun rounding to the nickel to make change. This Directive provides guidance to vendors [...]
An S corporation is a business that elects to pass income, losses, deductions, and credits through to its shareholders for federal tax purposes. The S corporation generally doesn't pay income tax. Instead, the income passes through to the shareholders, who report it on their individual tax returns. To be treated as an S corporation, a business [...]
A sole proprietorship is a business owned and operated by one individual. The owner makes all the decisions and is responsible for running the business. Because the business and owner aren't separate, the owner is personally responsible for the business's debts and obligations. The owner should maintain separate business records as well. Sole proprietors report business [...]
