Sunday, October 23, 2011
St. Andrew’s Abbey Pumpkin Bread Recipe
4 ½ cups sugar
1 ½ cups vegetable oil
6 unbeaten eggs
2 ¼ teaspoons salt
1 ½ teaspoons cinnamon
1 ½ teaspoons nutmeg
3 teaspoons baking soda
3 cups pumpkin puree, or 2 (15 oz.) cans
5 cups all purpose flour
1 cup water
1. Preheat oven to 350 F.
2. Grease five small loaf pans with cooking spray or butter.
3. In a large mixer, cream the sugar and oil together. Next add the 6 eggs, one at a time, mixing. Finally, add the rest of the ingredients and stir until incorporated. Pour batter into the five small loaf pans.
- Bake about 1 hour and 15 minutes, or until top browns and cracks. Test with a toothpick for doneness. Cool on wire racks.
Optional: Add black walnuts and golden raisins to the mix if desired.
at 4:02 PM
Monday, October 10, 2011
Hobby or Business? Why It Matters.
Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS.
Definition of a Hobby vs a Business
The IRS defines a hobby as an activity that is not pursued for profit. A business, on the other hand, is an activity that is carried out with the reasonable expectation of earning a profit.
The tax considerations are different for each activity so it's important for taxpayers to determine whether an activity is engaged in for profit as a business or is just a hobby for personal enjoyment.
Of course, you must report and pay tax on income from almost all sources, including hobbies. But when it comes to deductions such as expenses and losses, the two activities differ in their tax implications.
Is Your Hobby Actually a Business?
at 6:35 PM