Dollars & Sense

Are you afraid of the IRS? Should you be?

In this episode of the Dollars and Sense Show, host Carol Topp discusses how the IRS sees homeschool organizations. In this first part Carol will discuss homeschool support groups and IRS 501(c)(7) tax exempt status as a Social Club.

Carol gave this presentation at the Homeschool Legal Defense Association (HSLDA) Leaders Conference in 2014.

Get a copy of the handout.

Carol also mentioned the article "Do You Know About IRS Required Filings for Homeschool Organizations?" Get it here.

Carol's book, The IRS and Your Homeschool Organization, is available here.

This presentation will be continued in the next episode of the Dollars and Sense Show when Carol Topp will discuss how the IRS sees homeschool co-ops.

Carol Topp shares a workshop she presented at the Great Homeschool Convention in Cincinnati last year in this episode of the Dollars and Sense Show titled, "Were Not Raising Children, We're Raising Grown Ups."

In Part 2 of this podcast Carol six topics your teenagers need know for adulthood, but are rarely covered in a textbook, such as:

* Academic growth

* Spiritual growth

* Relationships

* Career choice

* Money management

* Living independently

She will share tips on how to impart important lessons in a natural way and share resources to help you raise a grown up!

 

Get a copy of the handout

Carol mentioned several books  and resources including:

* Setting The Records Straight Lee Binz, TheHomeScholar.com

* Phil Vischer podcast at PhilVischer.com

* Career Exploration by Carol Topp

* Anything by Dave Ramsey, a money guru

* TeensAndTaxes.com and MicroBusinessForTeens.com

* The Self-Propelled Advantage Joanne Calderwood

* Parenting for the Launch Dennis Trittin

Catch Part 1 of this podcast here.

Are homeschool parents guilty of micro managing our teenagers or being helicopter parents?

Carol Topp shares a workshop she presented at the Great Homeschool Convention in Cincinnati last year in this episode of the Dollars and Sense Show titled, "Were Not Raising Children, We're Raising Grown Ups."

Carol discusses the dilemma in society today of sheltering our children too much and for too long so that they are ill equipped for adult life.

 

Carol mentioned a handout. Get your copy here

 

Book recommendations mentioned in the podcast

The Self-Propelled Advantage Joanne Calderwood

Parenting for the Launch Dennis Trittin

Battle Hymn of the Tiger Mother Amy Chua

Setting The Records Straight Lee Binz, TheHomeScholar.com

Phil Vischer podcast at PhilVischer.com

In Part 2 of this podcast Carol topics your teenagers need know, but are rarely covered in a textbook, such as: career choice, money management and living independently. She will share tips on how to impart important lessons in a natural way and share resources to help you raise a grown up!

Frugal homeschool can be dangerous to your child's education!

My guest, Cindy West of Our Journey Westward blog and Shining Dawn books warns homeschool parents against using too many free materials in homeschooling.

What could be wrong with using free materials? Listen to the podcast for Cindy's insights.

Cindy's blog post Homeschooling Frugally: A Cautionary Tale

* Just because a freebie is posted on an “educational” website or blog doesn’t automatically mean it has great educational value.

* Cute doesn’t mean it has educational value.

* New and important skills may not be taught.  Sometimes your child will just keep practicing the same (already mastered) skills over and over again.

* Unit studies may not be full, complete or goes into enough depth.

* Freebies may only be samples of a complete curriculum or complimentary to the real curriculum.

Thank you Cindy for your cautions!

Check out Cindy's Natrure studies and books on homeschooling using the Charlotte Mason style at Shining Dawn Books.

HomeschoolCPA, Carol Topp, explains that homeschool groups may have lost their tax exempt status and not even know it in this episode of the Dollars and Sense podcast.

Many nonprofits did not know that in 2006 the IRS made filing an annual report (Form 990/990-EZ, 990-N) mandatory. Nonprofits that failed to file the Form 990 for three consecutive years had their tax exempt status automatically revoked.

Carol discusses how to know if your tax exempt status was revoked and how to get it back.

If you would benefit from a personal phone consultation, Carol would be happy to help your homeschool organization. Contact Carol.

Need to know more about the IRS annual report, Form 990/990-EZ/990-N? Carol's podcast episode #36 Required IRS Reports for Homeschool Groups explains the Form 990.

Carol mentioned her book The IRS and Your Homeschool Organization. Available here.

 

Did you know that your homeschool group should be filing some reports every year with the IRS?

In this episode of the Dollars and Sense Show, host Carol Topp, the HomeschoolCPA, explains what forms homeschool groups should be filing with the IRS.

She'll answer common questions such as:

* We were told if our income is under $25,000 a year, we don't have to file anything with the IRS. Is that true?

* What changed? We never had to file anything with the IRS before!

* But we're not a 501c3 organizations (or don't want to be), so why do we need to file anything with the IRS?

* We don't like government intervention. Why do we need to have anything to do with the IRS?

* Our homeschool group doesn't make any profit, so why do we have to file a tax return?

* We've never filed anything with the IRS? We didn't know we had to! Now what? Will be owe back taxes?

For help understanding your required IRS filings, visit Carol Topp's website, HomeschoolCPA.com

Here's a helpful FAQ page explaining the IRS Form 990-N.

How to get added to the IRS database to file the Form 990-N.

 

Carol is also willing to arrange a phone consultation with your homeschool leaders. Contact her here.

 

 

Writers, authors, bloggers...whatever you write, you're in business!

Author and CPA, Carol Topp, shares business tips in this podcast recorded at the International Business of Writing Summit in Louisville Kentucky.

In the podcast Carol discusses

* record keeping in a business

* helpful software

* tax tips

Here's a handout of the slides

Carol's book, Business Tips and Taxes for Writers in a helpful reference. Available here.

Listen to Part 1 of this podcast.

If you're a writer, author or blogger you are a business owner!

This podcast by Carol Topp, CPA will help you understand the business side of writing.

This podcast was recorded at the International Business of Writing Summit in Louisville, Kentucky in 2014.

Topics covered in this podcast include:

* Business structures, especially LLC status for your business

* Hobby  writing

* Start up expenses and how to deduct them

* Using a Doing Business As (DBA) fictitious name

Here's a handout of the slides.

Podcast host Carol Topp mentions her book, Business Tips and Taxes for Writers. Get a copy here.

In the next episode of the Dollars and Sense podcast, Carol will finish this workshop on business tips for writers and share tips on record keeping, taxes, and software.

 

 

 

 

Joining host Carol Topp are Carol Sue and Phillip Priddy from FamilyBusinessGreenhouse.com in this edition of the Dollars and Sense podcast. They will share their expertise on creating a marketing plan and a customer profile for your micro business.

Philip and Carroll Sue decided to homeschool before they even had children, and decided early that they wanted to teach their children how to open and run their own businesses from an early age. In their homeschool, each child starts his or her first business at 8 years old, does a product addition at 10 years old and starts a second business at 12 years old, and so on. Each child is responsible to negotiate with vendors, maintain records of costs, income and expenditures, maintain inventory, etc. This has honed writing, math, inter-personal skills and has proven to be a fertile ground for teaching ethics and character.

This is how the Priddy's describe their passion:

"We want to share how family business draws a family together, in effort, intention and attention. We set goals as a family, and achieve them together. We are able to see the strengths of our children more clearly, because we are working side-by-side. We are able to also see their areas of need, because we are working side-by-side! This leads to teaching and discipleship and is individualized and immediate.”

In the podcast we discussed:

Family Business Greenhouse.com a series of webinars offering training to families interested in launching a business together. New sessions starting in February 2015. Purchase and listen to the pre-recorded sessions at http://familybusinessgreenhouse.com/startyourbusiness/

* Getting and serving customers

* What is a customer profile

* How a customer profile helps in marketing

* How can a micro business owner have more success and fewer mistakes in marketing?

* How does a business owner know when to persist in a marketing campaign and when to give up and move on?

 

Is your teenager interested in starting a micro business of their own? Micro Business for Teens will get them started. But it also helps adults wishing to start a micro business!

 

If you enjoyed this episode of the Dollars and Sense podcast, please leave a review on iTunes. (click on View in iTunes to leave a review)

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Do you have a writer or budding author on your Christmas list?

Carol Topp, host of the Dollars and Sense Show podcast has some gift ideas for the writer on your shopping list.

Books for Writers:

* Business Tips and Taxes for Writers by yours truly, Carol Topp, CPA

* Writing and Publishing by Felice Gerwitz

* APE: Author Publisher Entrepreneur by Guy Kawasaki

* Writers Market 2015 from F + W Media (includes my article on LLC status)

* Writers Guide to Self Publishing from F + W Media (includes two of my articles on sales tax and LLC status for your business)

Tools for Writers

Moleskin notebook and pens for brainstorming, note taking, ideas, etc.

Website hosting and domain name. I use MomWebs.com (but you don't have to be a mom!)

IBSN International Standard Book Number from Bowker $125 for a block of 10 ISBN

Learning Resources

Writers Digest tutorials

Writers conferences. I've been to Midwest Writers Workshop, Indiana Faith and Writing Conference, Kentucky Christan Writers, The Business of Writing International Summit in Kentucky.

Help for Writing Success

A virtual assistant to set up a blog, post articles, do social media posts, set up ebooks on Clickbank, CreateSpace or Kindle.

Writers retreat, a cabin, a hotel or a cruise

Consultation with an accountant. Contact me, Carol Topp, CPA. Or with a book professional and publisher. Contact Felice Gerwitz

Other Christmas Gift Ideas for Writers

http://www.writersdigestshop.com/gifts-for-writers

http://thewritelife.com/22-gifts-for-writers-that-are-way-better-than-a-boring-old-notebook/

http://elissafield.wordpress.com/2012/11/29/christmas-shopping-for-the-writer-in-your-life-25-top-gift-ideas-writers-really-love/

Merry Christmas, everyone!

Carol Topp, CPA

 

P.S. If you'd like to give me a Christmas gift, I'd like a review on iTunes. (click on View in iTunes to leave a review)

How to leave a review on iTunes