Owning and running a business is costly. In fact, most business owners are shocked when they see how much they’re spending in the office. Small costs here and there really add up causing business owners to spend hundreds to thousands of dollars extra every year. To save your business money and keep revenue on the rise, you must cut unnecessary costs. Luckily, there are ways that you can save money by planning ahead and taking the right steps.
Tag: business expenses
Throughout the past few weeks the coronavirus has left the world empty and desolate. With lockdown measures and social distancing orders in place, people refrain from going to restaurants, communicating in-person, and going to work. As the nation adjusts to this austere new lifestyle, consumerism has slowed down immensely. Consumers are only buying the essentials, which means they aren’t spending like they used to. Of course, when people aren’t spending money, businesses don’t make money. Therefore, many business owners have had to make tough decisions to stay afloat.
Giving your employees time off is a benefit that isn’t required by the FLSA. Since time off is nonobligatory, most employers believe that they are exempt from paying out employees when they leave. Although the federal government doesn’t regulate time off and payouts, state governments have different rules.
* As of March 21st, 2020, The Treasury Department and Internal Revenue Service extended the federal income tax filing due date from April 15, 2020, to July, 15, 2020.
Taxes are difficult for a lot of people, and it’s even tougher when you own a company. Not only do business owners have to track expenses for taxes and other tax deductions, but they must also fill out multiple forms throughout the year for tax filing purposes. With many forms and deadlines, it is difficult to remember when certain IRS forms are due. We don’t want you to stress, so we’ve mapped out all of the important dates so that you know exactly what to do and when to do it.
If you run a small business, you’re going to want to file your tax deductions accurately. Properly filing tax deductions will give you a larger tax return. Unfortunately some businesses are not keeping accurate track of their records. As a result, there are a lot of tax write offs that people miss. To ensure that you benefit from deductions, you must keep records of all aspects of your business, including expenses. Once you’re organized and have valuable data to back up your claims, you may deduct many business expenses.
Contributed by: Rachel Cottam
Tax season can be stressful, but it’s worth it when Uncle Sam gives you a big refund. Unfortunately, many U.S. taxpayers leave too much money on the return table—and you might be one of them.
Understanding the best ways to prepare taxes and knowing which tax write-offs you’re missing will help you avoid this costly mistake.
Just remember: if you are going to claim any deduction, you need to have records. Don’t try to claim write-offs you have no proof of. Keep pristine accounting books and physical or digital documentation of all relevant receipts. Even if you’re handing your taxes off to a professional, they’ll need a paper trail.
The IRS allows you to choose any record keeping system for your business’ income and expenses. This means that you can keep records in a file cabinet or you can choose an electronic program. Either way, the choice is yours.
Depending on what business you are in, you may have to keep certain records for federal tax purposes. The IRS wants businesses to retain specific business documents including purchases, payroll, and other transactions. These records will support the entries in your books and on your tax return.
Calculating mileage reimbursement starts by knowing when you actually need to reimburse your employees. Although many employers think that they…
In the United States, expense reimbursement is only required in a couple of cases.
1. In the event an employment contract contains expense reimbursement, an employer is responsible for expense payments.
2. When employees pay for business related expenses, they are kicking back money to their employers. These kickbacks must be subtracted from an employee’s wages to accurately calculate minimum wage. If employees are not paid at least minimum wage, free and clear, the employer is in violation of the FLSA.
However, some states have their own laws surrounding expense reimbursement. Those states include: Illinois, California, Massachusetts, Montana, Pennsylvania, New York, Iowa, and the District of Columbia. Illinois was the newest addition this year.
Contributed by Ashley Lipman
Content marketing is an important focus for modern businesses. Effective content can drive traffic and create conversions from relevant leads. As such, it’s no wonder that a significant portion of a startup’s marketing budget is allocated to content marketing.
While generally not as expensive as advertising, spending still needs to be monitored. Here are some ways to keep track of content marketing expenses, set metrics, and measure KPIs.
Online expense tracking serves several important business needs.
- Any business whose employees make company purchases is already familiar with tracking expenses for employee reimbursement. Repaying employees is more efficient and accurate with online expense tracking.
- Tracking expenses for taxes can help business owners save money.
- Billing customers is more complete when businesses track project expenses. This data helps business owners make better business decisions. This is because it helps improve visibility into the real cost of projects, beyond just the cost of payroll.
Working from home has become an increasingly more viable option in recent years. Yet many don’t realize that there are valuable tax breaks that come with owning a home business. If you’re thinking of starting your own business and are considering doing it from home, here are four tips to consider: