Posts Tagged ‘Expenses’
Meals, Entertainment, and Transportation May Cost Businesses More Under the TCJA
Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation.…
Read More4 Small Expenses That Remove Stress and Help Your Business Grow
One of my biggest challenges when opening my business was deciding how and when to spend money. At first, we tried to go for the home run. A $5,000 radio ad buy? Yeah, we did that. We sold practically nothing. A $2,500 contract with a no-name marketing company? Yup, tried that too. These days? I do a lot more myself…
Read MoreMost Surprising Hidden Costs of Opening a Business
If you’ve ever started a business, you know it involves some clear-cut costs. Office space or storefront rentals, equipment, initial inventory, license fees, legal advice – all of these are initial expenses you might expect to pay just to get up and running. There are a number of less obvious expenditures, however, that might surprise…
Read MoreSurprising Expenses You Cannot Deduct
Taking all the tax deductions to which you’re entitled is only smart business, right? But you may be surprised to know that the IRS doesn’t allow deductions for certain expenses that, on the surface at least, seem completely valid. Here are some of the expenses you cannot deduct: Work Clothes. That new business suit or those…
Read More2017 Year-End Tax Savings Tips Not to Overlook
With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher. Timing income and expenses can be a little more challenging for accrual-basis…
Read MoreHow to Prepare Yourself for the Cost of Employees
You’ve run the numbers and you know how much you can pay your new hire — but did you know that standard wages and salaries only represent approximately 70% of the total costs of compensation for each employee? The other 30% comes from benefits like paid time off, health insurance and retirement plans. And this is just the breakdown…
Read MoreHow to Make an App Like Instagram: How Much Will It Cost You?
Face-morphing and photo editing apps took the world by storm last year. In 2017, the number of entrepreneurs who want to replicate Instagram and MSQRD success is still growing. In just three years there will be 6.1 billion smartphones worldwide. Considering the fact that every smartphone and tablet is now equipped with a high-resolution camera,…
Read More4 Easy Ways Your Small Business Can Reduce Monthly Expenses
For some small businesses, revenues can fluctuate from month to month. A month of feasting can suddenly give way to a month of famine. And though it’s admittedly not easy to control revenue flow, you have some power over monthly expenses. When you’re a small business owner, you probably can’t put the firm on autopilot…
Read MoreStartup Costs for Top Franchise Opportunities
If you’re thinking about buying a franchise, you probably have two questions that keep popping into your mind. How much can I make in a franchise and how much does it cost to start a franchise. To help you decide which franchise is right for you, we decided to break down some of the start-up…
Read MoreVehicle Tax Deduction for Small Businesses
Whether you’re self-employed or run a small business, chances are you use a car to get from point A to point B. Luckily, during tax season, you can claim your vehicle when Uncle Sam comes barging in. We’re going to go over the qualifications and methods you can use to estimate your expenses so you…
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