Last tax season might be well behind us but the next one is only about six months away. That doesn’t mean you shouldn’t be thinking about planning opportunities now, including what you can and can’t deduct. There are crazy things taxpayers never think of deducting, and then there are common deductions people miss simply because of poor record keeping. Below we’ve outlined 3 crazy and 3 common deductions that you may not realize you can take.
Starting a business takes a lot of hard work and usually takes substantial investment of time and money. If you have just started out then you may not be ready to put every cent of your profit right back into the business to keep it growing. There are ways to grow your business with spending little to no money, some of which don’t take much time to set up or develop. Below is our list of 6 ways to grow a small business without spending money.
Whether you’re new to business or have been grinding it out for a while, there’s a high probability that you’ve dealt with your fair share of difficult customers. You know, the situations where you find yourself questioning why you started your business? In society we have this stigma that being “busy” means that we must be doing well. If we’re not filling every waking moment with productivity then we’re not successful. So we take on more work than we may want to just so we feel accomplished.
There is something interesting we have come across over the past few months, people changing owners on the deeds to their home. There is an array of reasons why you might want to do this, but most commonly this is found in families who want to easily transfer ownership from siblings or parents to children. The process is simple using a Quitclaim deed to add or remove someone to your property’s title or transfer the title entirely.
It’s that time of year, no, not tax season, it’s time for the government to shutdown! We won’t get into why they government shuts down but seriously, it’s becoming an annual event. In recent news there have been stories floating around that a government shutdown meant that tax refunds would not be issued, but that tax liabilities would still be collected. Of course, that sounds exactly like the IRS, pay them regardless but they won’t pay you until absolutely necessary. Luckily, the news stories about the refund hostage crisis are not true.
Are you thinking about writing off a new car purchase for your business? Have you done your homework? Does it meet the obscure Section 179 requirements to be fully deductible on your tax return? Maybe it only qualifies for a certain deduction percentage or is limited to how much can be deducted because of the type of vehicle.
Business owners are cut from a different cloth. They learn certain skills and amass expertise in their fields and then take that aptitude to the market for sale. To be successful you must be proficient, driven, and knowledgeable at the expense of investing endless amounts of time and money. Once you cross the entrepreneurial threshold you are now ready to add value only you can personally provide in your industry. All this being said, don’t you think you should get paid what you’re worth? Seems like a lot of effort and risk to have others tell you what you should be paid.