Over the last 10 years, there have been a lot of people who have decided to work for themselves. Luckily a few have succeeded, but the rate of attrition is over 95% for those who didn’t make it to 5 years. Self employment can be enjoyable, but it can also be hard. Like everything else, there are some things you should know about it before you start and once you’ve started. Here are some of those things.
Maybe you’ll need a travel bag in your business future
1. No matter what you’re good at, unless you already have clients willing to work with you, your biggest issue isn’t going to be skill or product quality, but marketing. This takes place before selling because you have to get the attention of those who could possibly hire you to work with them. Continue reading Five Things To Consider About Self Employment→
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.
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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→
Accounting & Financial Advice from the Syracuse NY area
