If you generate income from a passion such as cooking, woodworking, raising animals — or anything else — beware of the tax implications. They’ll vary depending on whether the activity is treated as a hobby or a business.

Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year.

Most businesses will owe less tax for the 2018 tax year than they would have under prior law, thanks to changes brought by the Tax Cuts and Jobs Act (TCJA). But have you done everything possible to lower your business tax bill for last year?

Newly proposed Department of Labor regulations, if finalized as written, will mean roughly 1.3 million workers who are currently treated as exempt will become eligible for overtime pay, beginning next year. Another provision sets a higher threshold for "highly compensated employee" status, potentially impacting another 200,000 workers. Here's what it means.

Inventory is expensive, so it needs to be as lean as possible. Businesses need to find ways to trim the fat from inventory without compromising revenue and customer service. This article has some suggestions, including using inventory ratios for benchmarking and reviewing product mix.

There's a construction business commodity that's incredibly important but often in short supply. Despite needing more of this resource, companies can't buy it because it's not for sale. It's time.

Many businesses will pay less federal income taxes in 2018 and beyond, thanks to the Tax Cuts and Jobs Act (TCJA). And some will spend their tax savings on merging with or acquiring another business. Before you jump on the M&A bandwagon, it's important to understand how your transaction will be taxed under current tax law.

As interest rates continue to rise, competition among banks for core deposits is heating up. This creates a challenge for community banks striving to grow their core deposits to fund lending activities. On the one hand, banks need to consider paying higher rates to attract deposits. On the other hand, increasing the cost of deposits cuts into their profit margins.

As a business evolves, it will encounter the need to build credibility with outside parties, such as investors and lenders, and to make well-informed strategic decisions. In short, financial statements are a necessity.

Several recent trends are causing some employers to revise their drug use policies. Here are some issues to consider to help ensure your company's strategy is effective and up-to-date.