Like us on Facebook Follow us on Twitter Find us on Google+ Find us on Pinterest
In This Issue
Upcoming Workshops

 

 

MicroSoft Project 

8/13 (9 am-12 pm)

 

QuickBooks 

8/19 (9 am-4 pm)

 

Access I 

8/20 (9 am-12 pm)

 

Access II 

8/20 (1 pm-4 pm)

 

Word I

8/21 (9 am-12 pm)

 

Word II

8/21 (1 pm-4 pm)

 

Excel II

9/16 (9 am - 12 pm) 

 

Excel III  

9/16 (1 pm - 4 pm)

 

Microsoft Publisher

9/17 (9 am - 12 pm)

 

All Things Gmail

9/17 (1 pm - 4 pm) 

 

Iphone and Ipad and Your Business 

9/18 (1 pm - 3 pm)  

 

View all upcoming workshops 

 

 

Subscribe to receive the CED monthly training opportunities newsletter.

Business Quote
of the Week

 

"To be successful, you have to have your heart in your business, and your business in your heart."

 

~ Thomas Watson, Sr.
IBM 
Quick Links
Join Our Mailing List
Contact Us

UMD Center for
Economic Development

The Small Business Development Center for Northeast MN



218.726.7298


Regional Center:
 

Duluth


Satellite Offices:

Cook County
Ely
Grand Rapids
Hermantown
International Falls
Lake County
Quad Cities
 
 
 
Helping Entrepreneurs and Businesses Grow and Succeed
UMD Program Connects Marketing, Accounting Students with Businesses
Source: BusinessNorth August 2014
Article by: Angelo Gentile

As a business owner, Paul Wrazidlo has been mostly a retail guy. For the past 21 years, at his Duluth Heights store, Wrazidlo's Old World Meats, he's carried on a family butcher business tradition that traces back to Germany and his grandfather, who came to America in 1928.

 

More recently, though, Wrazidlo become a wholesale guy, too, and he's delighted with the added business-to-business commerce, which he attributes largely to advice he received from the Student to Business Initiative Program (SBI) of UMD's Labovitz School of Business and Economics (LSBE).

 

"This (wholesale) idea really lit the fire and re-ignited my business," says Wrazidlo, who participated in the program in 2012. "There's been a 180-degree turn in our business," he adds, though he declined to offer specific sales figures. "We were flat, we had plateaued, and now we're growing."   

 

Read the full article here.  

 


CED is accepting applications through August 15th for the Accounting and Marketing SBI Programs. Apply today by clicking the link below.

SBI Program

sbi sudents
Five Basic Tax Tips About Hobbies
irs

Millions of people enjoy hobbies that are also a source of income. Some examples include stamp and coin collecting, craft making, and horsemanship.

You must report on your tax return the income you earn from a hobby. The rules for how you report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions you can claim for a hobby. Here are five tax tips you should know about hobbies:

 

1. Is it a Business or a Hobby?  A key feature of a business is that you do it to make a profit. You often engage in a hobby for sport or recreation, not to make a profit. You should consider nine factors when you determine whether your activity is a hobby. Make sure to base your determination on all the facts and circumstances of your situation. For more about 'not-fo! r-profit' rules seePublication 535, Business Expenses.

 

2. Allowable Hobby Deductions.  Within certain limits, you can usually deduct ordinary and necessary hobby expenses. An ordinary expense is one that is common and accepted for the activity. A necessary expense is one that is appropriate for the activity.

 

3. Limits on Hobby Expenses.  Generally, you can only deduct your hobby expenses up to the amount of hobby income. If your hobby expenses are more than your hobby income, you have a loss from the activity. You can't deduct the loss from your other income.

 

4. How to Deduct Hobby Expenses.  You must itemize deductions on your tax return in order to deduct hobby expenses. Your expenses may fall into three types of deductions, and special rules apply to each type. See of Publication 535 for the rules about how you claim them on Schedule A, Itemized Deductions.

 

5. Use IRS Free File.  Hobby rules can be complex and IRS Free File can make filing your tax return easier. IRS Free File is available until Oct. 15. If you make $58,000 or less, you can use brand-name tax software. If you earn more, you can use Free File Fillable Forms, an electronic version of IRS paper forms. Free File is available only through the IRS.gov website.

 

For more on these rules see Publication 535. You can get it on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

 
MnSBDC Logo
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration, Minnesota Department of Employment and Economic Development and regional support partners. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the program sponsors. Programs are open to the public on a nondiscriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance.
Contact the UMD Center for Economic Development at 218-726-7298 to make arrangements.

Copyright � 2014. All Rights Reserved.