VOLUME 5 2023

Tax time may finally be over for many of us, but rather than sitting back and relaxing until next filing season, now is the best time to focus on the year ahead! Take some time to understand your financial situation and make improvements throughout the year to be better prepared for the future.

In this newsletter, you'll learn about common business entity structures and how to improve your financial literacy, including defining a few common terms. If you have a money-making hobby, we've also got advice on understanding how that could affect your taxes and avoid any potential issues with the IRS. Lastly, you’ll hear from Padgett client Jenna Speight about how working with Padgett has been essential to her success, despite life's challenges.


Why you need to care about financial literacy

Financial literacy is important for successful money management and the reduction of financial stress. Here are tips to better understand and manage your finances.


When a hobby becomes a business: 9 key factors

With millions of Americans now monetizing their hobbies, it’s important to understand at which point your money-making side hustle becomes a business in the eyes of the IRS.


Business entity types

If you have a small business, one key decision you'll have to make is which entity structure you select. Check out our guide for an overview of some common types.


4 Financial terms you need to know

One of the easiest ways to work on strengthening your financial literacy is to build your financial vocabulary. Here are four common terms you should know.


Teamwork made Jenna Speight’s dream work

Through all of the challenges she has faced, Jenna Speight, owner of Rue 62 Salon, has found success with the support of Padgett Barrington. Read more about her story.


ERC – it's not too late!

Did you know that eligible business owners can still claim the Employee Retention Credit (ERC)? Since 2020, Padgett has helped hundreds of clients apply for the credit, and we've collectively received millions of dollars. If you want to learn more about your eligibility or get started applying for the ERC, contact us today.


About Padgett

At PADGETT BUSINESS SERVICES®, we know the stresses of running a business can keep owners awake at night. Your business is your livelihood — and quite possibly the livelihood of your employees — so it’s no wonder it’s always on your mind. PADGETT is here to help. We offer tax, accounting, payroll and advisory services that can help your business reach new heights, allowing you to rest easy.

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PADGETT BUSINESS SERVICES® is dedicated to meeting the accounting, tax, payroll, compliance and advisory needs of small businesses. This publication is intended for informational purposes only and should not be construed as tax or legal advice. Such information is by nature subject to revision and may not be the most current information available. You should seek advice from a PADGETT BUSINESS SERVICES® representative or an independent advisor before acting on any of the information contained in this document. Each office is independently owned and operated.