Getting a business up and running is the goal of any aspiring entrepreneur.
But when you’ve got a business’ share of expenses piling up, the additional revenue may not feel as much as it should.
When you’re managing those balance sheets as well as your own finances, it can be a bit overwhelming. Allow me to lighten the load.
Let me give you the 4 confidential business tips meant to keep YOU in the green.
People have been buying and selling things since before money was even in the picture.
Before we had technology, and taxes, and receipts, exchanges would be bartered in the streets.
Whether you long for the days of business simplicity or not, there’s no hiding the fact that things have gotten a lot more complicated than trading goods.
Coming up with an idea, getting investors to believe in it, and placing your brainchild on the path to success will be the life’s work of countless entrepreneurs.
They face insurmountable odds on that path though; only 1 out of 10 business startups succeed in turning profits.
Don’t let your great idea and hard work melt into a sad statistic.
There are plenty of different ways to ensure your venture culminates in success.
But even if you have the greatest product idea on the planet and tons of investors and enthralled customers, none of it will last if you don’t know how to properly handle your money.
Making money is the easy part. Keeping it is where the sweat and tears come in.
The business moguls who have already broke into the market don’t do much in the way of charity in sharing the best ways to keep money in your business bank account.
Thankfully for you, I’m here to help.
Some of the biggest expenses in your business that you may forget to consider are taxes.
Even if you have your tax strategy down come April 15, business taxes are a whole other ballgame.
It doesn’t hurt to bring in a professional once you hit it big, but ensuring success always starts with you.
Let me share with you the 4 easiest tax write-offs that you can take advantage of as a business owner.
1. Equipment & supplies
While your personal smartphone or laptop may not be covered, any equipment or devices you purchase for use in running your business can be written off in a tax-deduction strategy.
That includes computers, phones, cameras, laptops, and the list goes on.
As long as they are 100% dedicated to business use, they can be completely written off your taxes.
That saves a HUGE chunk of your bottom line from unnecessary chop-ups.
Just like you need a computer to run a business nowadays, you can also write off the Internet and phone service you use too.
Those services are fundamental cogs in the machine that is your business; the government understands that.
They won’t ask you to hand over more taxes over these payments so long as they are used for productive (business-related) purposes.
3. Travel expenses
This one is probably my favorite.
Have a city or country you want to visit? Make it a work trip.
Travel done in the name of business affairs can also be written off for tax purposes.
Don’t go overboard now, but things like meeting with a client or vendor, attending a conference or event, or even checking on a rental property can be considered business trips.
Airfare, lodging, and transportation will all be covered under this umbrella.
4. Dining & entertainment
So, while you’re on the business trip, take your client out to dinner. That check will be 50% deductible.
If you’re alone, you still have to eat. Same thing goes.
Again, don’t get crazy, and keep a record of your receipts to prove expenses and their purpose.
But these 4 tax write-offs will leave a remarkable absence on the “expenses” side of your balance sheet if properly taken advantage of.
What are you waiting for? Book a business trip with all your fancy tech and get your ideas started on the path to success.