Business travel has always been a godsend when it comes to writing off expenses. Whether you’re driving out of town or you’re all around the area you work in, being able to write off mileage has always been helpful in reducing your taxes.
With that said, something most people might not know is that the rules have changed when it comes to tracking your driving expenses. It might feel like a nightmare because there’s more paperwork while you’re doing it, but come tax time you’ll still get a nice benefit, even if it’s a bit dicier than it used to be. Continue reading Track Business Travel Properly If A Car Is Involved→
There’s a new government that’s going to affect a number of small businesses across the United States as of the beginning of this year, January 2024.
It’s called the Corporate Transparency Act, and you might have to start reporting information about the ownership of your business to the federal government. It was passed to prevent individuals from hiding or benefiting from the ownership of their businesses to make it easier to hide illegal operations, which supposedly is a tactic that affects national security and economic integrity; sounds a bit scary, doesn’t it? Continue reading Do You Know About The Corporate Transparency Act?→
I’ve been self employed for decades by now, and I wouldn’t have it any other way. We’ve covered the topic of self employment a few times on this blog, but it’s mainly talked about working alone, not working with others. We’re going to explore some of that in this article.
Even though tax season is almost over, it’s a good time to think about the types of information you’ll want to have available for your accountant next year. Hopefully you’ve taken care of some of the information that’s pertinent since the beginning of the year. If not, you might have lost some of your possible deductions and expenses. Here’s a few examples and ideas for how to handle these items.
Business Burger!
Let’s look at meal expenses. Whether you’ve had meals with clients or meals when you’ve been traveling, it’s always a good idea to try to save your receipts. Everything you do isn’t covered unless you can indicate why it might be pertinent. Continue reading Business Expenses You Should Think About Tracking→
When anyone starts working for themselves, they go in thinking they need the same office supplies they had where they used to work. We purchase things in volume, things such as pens and pencils, staples, notepads, and paper clips, along with a lot of other junk.
Years later I still had almost all of that stuff because, it turns out, very few small or independent businesses need things like that. It might make sense to buy one of each of those things just in case but buying in bulk as I did… stupid move. Continue reading 5 Things Small Businesses Need To Purchase At The Start→
Accounting & Financial Advice from the Syracuse NY area
