March 2017 Blog Posts
March 30, 2017
Unfortunately, not everyone gets expert advice before they begin their business venture. Some mistakes may just cost you time and money (which of course no one wants to lose any of!), while others may spell the end of your business venture.
1. Be process-orientated
In order to save time, it is imperative to develop systems which can be used for handling customers and various tasks. Chances are if you do something once, you’ll have to do it again.
2. A foundation is more important than a pretty exterior
While having an eye-popping website and a recognizable brand are important attributes of a business, none of it will matter if you don’t understand what your business does for people and can actually achieve it!
3. Understand taxes and finances, or hire someone who does
When someone else is paying you, keeping track of your spending is pretty simple. However, when you’re on your own, no one is going to make sure you are spending your money appropriately. This is why we advise getting help, especially with taxes, in order to free up money from places you didn’t even know were possible.
4. Don’t be cheap and take shortcuts
In many cases where business owners try to save money, they end up having to spend far more later. Spend money on the right things at the right time!
5. Just because you build it, doesn’t mean they’ll come
You may offer vital services or make the coolest product, but if no one knows it exists, then none of it matters! This is where strategic marketing comes into play.
If you want to avoid these fatal mistakes which regularly plague entrepreneurs, we highly recommend a brief phone call with us. Even just five minutes could be the difference between your business sinking or swimming.
March 23, 2017
Tax season sends shivers down the spines of most people, but it doesn’t have to be that way! Using some little known tricks, CPAs and their clients alike can very easily save big money when filing their reports.
1. Job Search Expenses Tax Deduction
Did you know that you can deduct some of your job search related expenses? If you’re looking for a job in the same field you’ve been working in (so dreamers who quit their jobs for Hollywood are out of luck) are eligible for certain deductions like travel expenses for interviews, among many others.
2. Home Renovation Tax Deduction
Want to renovate your home without tightening your belt? Then you’ll want to know how many home renovations can actually qualify for tax write-offs. From taking advantage of tax energy credits to implementing home improvements which count as medical expenses to using your mortgage for renovations, there are a myriad of ways in which you can spruce up your home while saving money at the same time.
3. Tax Preparation Fees Deduction
While tax preparation fees are an allowed deduction, it’s extremely important to note that in order to be eligible for it, you must have all your deductions itemized and the sum of your miscellaneous expenses must exceed 2%. This is where the pros can come in handy!
4. Jury Duty Pay Tax Deduction
Standard expenses like vehicle mileage, phone usage, and meals (up to $100, so don’t take this as an opportunity to dine at Ruth’s Chris!) can all be deducted from your taxes. Keep track of your spending next time you’re bored at jury duty. Just don’t let your accounting keep you from paying attention to the trial!
5. Penalty of Early Withdrawal Tax Deduction
This tip saves money in a very different way than the others on this list. If you use money from your IRA before the age of 59 ½, you’ll be slapped by the IRS with a 10% penalty which cannot be deducted. So it’s vital to consult with a financial advisor before making any rash decisions.
Not all of these tips and tricks will apply to everyone, but even being aware of just one of them can save a ton of money. Maybe instead of giving up your hard earned cash to Uncle Sam, this year you’ll be able to use it for the things you actually need!