Taxes

7 Ways to Kill Your Home Based Business

Whenever someone asks what I do for a living and I tell them that I work from home as a freelance writer, the response is generally somewhere along the lines of: “Wow! That must be nice to work from home. I wish I could do that!” While I agree that there are a lot of perks to having a home based business—such as no long commute and always being around to collect deliveries … [Read more...]

How to Take Charge of Your Business Receipt Process

For many business owners, tax time feels like a big interruption to normal business operations. Imagine that you’re driving down the road and you’re pull over. Being pulled over increases your travel time, and it will take you a few minutes to get back on the road and up to speed again. Preparing your business’ taxes may feel the same way. Like pulling your car over, tax … [Read more...]

5 Ways to Sink Your New Small Business

No one starts a business just to fail. Yet, if you look at data provided by the Bureau of Labor Statistics regarding new business survival rates, you quickly realize that your probability of staying open continues to decline over time, with the sharpest drops occurring within the first three years. What are some of the reasons that all-too-many new businesses fail, … [Read more...]

The Need For Professional Tax Planners For Small Business

TaxSlayer performed a Tax IQ survey for tax preparation attitudes and perceived tax preparation abilities by Americans, and some interesting results came out of it. 28% of individuals would rather go without a cell phone or car for a week instead of having to face the task of tax preparation. 53% have no confidence in their ability to complete tax forms without professional … [Read more...]

5 Things First-time Entrepreneurs Need to Know About Startup Finances

In theory, a sustainable business is one that makes more money than it spends. The problem with this oversimplified view lies in the fact that it assumes that you start from zero. This is not the case with most startups that have to get in debt to even launch. Aside from this, the ways in which you spend your money, reinvest and make financial projections affects the efficiency … [Read more...]

How to Use Business Write-Offs to Your Advantage

With April 15th just passing, it’s a great reminder that, as small business owners, we need all of the tax advantages we can get if we want to raise our bottom line. And while I’m more than happy to pay my fair share to Uncle Sam, I also don’t want to pay more than I have to. So the question is: How do I make the most of my write-offs so I get to keep a majority of the money … [Read more...]

Small Business Tax Deductions You Need to Consider

When you run your own small business, you are always looking for new money-saving strategies to boost your bottom line. One of the ways you may be leaving money on the table, however, is by not taking some of the tax deductions for which you are eligible. This oversight is easy to do because the tax laws are complicated, and finding the time to learn about what is and what … [Read more...]

How You Can Avoid a Tax Audit for Your Small Business

It is the stuff of nightmares. An official looking envelope arrives in your mailbox announcing that your small business is going to be audited. Then an austere-looking man wearing a dark suit and holding a briefcase shows up at your office asking to see all your receipts, wanting to look around and asking all kinds of questions. The good news is the IRS audits only a small … [Read more...]