Browsing Tag
tax deductions
13 posts
5 Ways to Cut Business Expenses During COVID-19 to Remain Focused on Long-Term Growth
As entrepreneurs continue to navigate the uncertainty of COVID-19, many are focused on increasing sales; however, lowering expenses is equally as important when trying to achieve or maintain profitability. Now is the time to tighten spending and prioritize necessary expenses in order to remain focused on long-term revenue and profit growth. The question is, how...
What You Need to Know About Taxes for Your E-Commerce Side Hustle
E-commerce sales have been on the rise in the U.S. over the past couple of months due to the realities of the coronavirus pandemic. According to a new SpendingPulse report from Mastercard, U.S. online retail sales jumped by 92.7 percent in May and consumers spent more than $53 billion via e-commerce in April and May....
What Entrepreneurs Need to Know About the Home Office Deduction
You may see your home office as the place you take important business calls, the place you meet new clients, the place you focus best on crafting your products -- but what about the place you save money on your taxes? The home office deduction can save entrepreneurs a significant sum on their taxes. Here,...
How to Get Your Startup Tax-Ready (Before It’s Too Late)
For startup founders, tax season is easily the most dreaded time of year, and they’re not the only ones who think so. According to a study conducted by SCORE, a whopping 40 percent of business owners consider bookkeeping and tax preparation among the worst parts of being a small business owner. Not only does it...
Maximize Your Deductions: The Tax Advantages Every Entrepreneur Should Know About
Whether it’s your first year as a startup or you’re battle-worn after years in the trenches, you’ve learned to keep a close eye on your company’s bottom line. When tax season rolls around, it’s another opportunity to be strategic about maximizing your tax deductions in order to minimize the overall amount you pay. However, this...
Sole Proprietor? Here’s What You Need to Know About Filing Taxes
The first thing to know about being a sole proprietor is that a sole proprietorship is a specific type of business structure where the individual and the business are seen as the same entity. Is your startup a sole proprietorship? If you haven’t filed any paperwork formally incorporating your business and you are the only...
Managing Taxes in the Gig Economy
The gig economy can be a wonderful way to supplement your income while you’re building a new business. One of the benefits of Uber, Lyft, Shipt, Instacart, Doordash, Postmates or the host of other independent contract platforms is that you can decide if and when you work. As an entrepreneur balancing a demanding schedule, the ability to set your...
Tax Deductions To Take Advantage of this Holiday Season
With the holiday season upon us, many company employees are looking forward to being able to kick back and have some fun at the annual holiday party. Yet the savvy entrepreneur knows that once the holidays are over, tax season is right around the corner — and there are plenty of areas where a company...
What You Need to Know About Taxes Before Starting a Business
Starting a business requires time and preparation, and preparing to meet tax obligations can affect many of the steps you must take when you open your business. In fact, you must deal with several items related to taxes before you even can obtain your business license. The earliest stages of opening a business usually involve writing...
Prepping Your Business for the Upcoming Tax Season
Tax season is upon us. Owning and operating a business requires a lot of courage, determination and fearlessness. It also demands that you be ready for anything that comes across your path, including tax season. Tackle the tax season like a true CEO as we take you through the tips necessary for staying on the...
Deducting Startup Costs in Your Small Business
Get ready for tax season by deducting startup costs Laying the foundation for a brand new business enterprise and then formally registering it are two costly ventures. However, don’t fret because there are some savings opportunities. The IRS allows entrepreneurs to write off certain business expenses they incur during the startup phase of putting a...
5 Commonly Missed Tax Deductions for Small Business Owners
Commonly Missed Tax Deductions If you put a price tag on the amount of money it costs to get a small business off the ground, the tag would probably be too small to fit all the numbers. This is because diving into business ownership can be an extremely expensive proposition. But there is some good...
Are You Waving a Red Flag Outside Your Office?
An accountant can really help you figure out what tax deductions you qualify for, and mine has suggested a myriad of things I didn't know were deductible. I suggest if you don't have an accountant, you consider hiring one. The Sloan Brothers offer this advice on how to choose the right accounting service. With that...