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Casual Articles - Avoid Frequent Tax Mistakes by Keeping Good Records
Hard selling salespersons can be difficult to deal with: they can cajole you into buying a product or purchasing a service; they can drain your wallet with a few magic tricks up their marketing sleeves, and they can walk away with your money while you are left with a product or service you are
3. Forgetting to track reimbursable expenses. As a small business owner you will no doubt have to pay for some expenses out of
I hope it has been some time since you last had a dead battery. It's not a lot of fun, especially if it is pouring rain and you don't have a set of jumper cables.Most people know a battery has a positive and a negative terminal. When jump-starting a car it is very important to know whic
Following are some of the common mistakes small business owners make and how you can avoid making the same mistakes:
1. Not saving receipts for expenses under $75.00. There are some expenses the IRS does not require receipts for - meal and entertainment expenses if the cost is under $75.00. However, you still need a record of what you spent, where, who you were with, the business relationship, and the purpose of the expense. When you look at the requirements it is in your best interest to keep the receipt with written information about whom you went there with and why. Make sure the receipt is also date and time-stamped.
2. Treating an equipment expense as a supply. Equipment is considered a capital expense and it has to be depreciated. Supplies are items that are used up in a short period of time. Check with your accountant on tax laws for equipment purchases as they change frequently.
3. Forgetting to track reimbursable expenses. As a small business owner you will no doubt have to pay for some expenses out of y
Far too often, salespeople view themselves as company employees when they would be much wiser (in my humble opinion) to view themselves as business owners: whether that business ownership means ownership of a territory, ownership of a vertical market or any other combination that relates to th
Following are some of the common mistakes small business owners make and how you can avoid making the same mistakes:
1. Not saving receipts for expenses under $75.00. There are some expenses the IRS does not require receipts for - meal and entertainment expenses if the cost is under $75.00. However, you still need a record of what you spent, where, who you were with, the business relationship, and the purpose of the expense. When you look at the requirements it is in your best interest to keep the receipt with written information about whom you went there with and why. Make sure the receipt is also date and time-stamped.
2. Treating an equipment expense as a supply. Equipment is considered a capital expense and it has to be depreciated. Supplies are items that are used up in a short period of time. Check with your accountant on tax laws for equipment purchases as they change frequently.
3. Forgetting to track reimbursable expenses. As a small business owner you will no doubt have to pay for some expenses out of
Each day in the news we see more and more people are living into their centurion years. It used to be real news when someone lived to be over 100 years old and yet it is now becoming more and more common. With lifelong longevity on the rise many people who are now 30 and 40 years old will mos
2. Treating an equipment expense as a supply. Equipment is considered a capital expense and it has to be depreciated. Supplies are items that are used up in a short period of time. Check with your accountant on tax laws for equipment purchases as they change frequently.
3. Forgetting to track reimbursable expenses. As a small business owner you will no doubt have to pay for some expenses out of
Having a marketing strategy and marketing approach is very important. Thus, instead of recreating the wheel, here is a short, sweet, easy-to-understand marketing strategy template to help you place your ducks are in a row in designing your marketing strategy. MARKETING STRATEGY FOR I
2. Treating an equipment expense as a supply. Equipment is considered a capital expense and it has to be depreciated. Supplies are items that are used up in a short period of time. Check with your accountant on tax laws for equipment purchases as they change frequently.
3. Forgetting to track reimbursable expenses. As a small business owner you will no doubt have to pay for some expenses out of
Summer is way too short here in Montreal, so it's no wonder that business slows down for most of us. That's why it's a good time to relax, regroup, and reflect over the past few months. What have you been doing right? What could you improve on? How can you use these next few months to
3. Forgetting to track reimbursable expenses. As a small business owner you will no doubt have to pay for some expenses out of your own pocket or with a personal credit card. Don't make the mistake of losing track of those expenses and having the company fail to reimburse you.
4. Miscalculating automobile deductions. There are different ways to calculate deductions for the use of a car or truck. Find one that suits you and stick with it. You can either take a standard mileage deduction or a deduction for expenses, but you cannot mix and match.
5. Giving more than you can receive. You can offer gifts to clients and business associates. Just check with your tax professional to make sure that you are not going overboard here. There is a limit on the amount of deduction you can take for these items.
Keeping receipts and good records does not have to be a difficult task. Talk with your accountant or tax professional to see what records you should be saving and make sure to pay attention to the common mistakes listed above. A good record keeping system is the only way you will know if your business is making a profit.
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