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Hub You - Small Business Tax Tip - Turn Personal Expenses Into Business Deductions
After I did my speech at a local Toastmasters meeting, another member came up to me and asked about how to get in touch with pharmaceutical companies. It turns out that she was a nurse at one of Montreal’s largest hospitals and she knew that I had worked in medical sales for many years. She was thinking about a career change after many years working in the hospital as a nurse and wanted to find out about the possibility of a medical sales job for nurses.
These are a few ideas that could save you hundreds or even thousands of dollars over the life of your busin
Preparing a Marketing Plan for your product or service is a real eye-opening experience. While we all hope that our product or service will appeal to the masses, the truth is, that may not happen. Assembling a Marketing Plan first and foremost forces you to clearly define what you are selling.From there, you define the demographics of the market for your product or services. You research on-going or upcoming trends in the industry, your exis
There is a general rule in tax law that says all "ordinary and necessary" business expenses are deductible. I'll spare you the details about the arguments over this phrase, but suffice it to say that it basically means that in order to be deductible, an expense must be a legitimate expense that pertains to your business.
So what personal expenses do you have that could legitimately pertain to your business? Well, let's take an easy one: Subscriptions. Do you subscribe to your local newspaper? Can you deduct it? Well, do you need to keep up on your competitors' advertisements in the paper? Do you need to keep abreast of the job market via the classified ads to make you more effective at hiring and compensating employees? Any other reason you might need to read your local paper? If so, you can deduct it. Same with your local business journal, The Wall Street Journal, and various industry and trade publications.
Next is clothing. The IRS says any clothes suitable for wearing outside of work are not deductible as a "uniform." So a pair of blue jeans, or even a business suit is not generally deductible. But if your company name is printed on your shirt, jacket or other clothing, that item becomes deductible.
If you have kids, I don't have to tell you how expensive they are. Well, how would you like to deduct their allowance? The cost of their clothes? Heck, even the cost of their college education? If your kids work in your business, you can pay them reasonable compensation for doing so. So when Johnny needs a new pair of jeans and a leather jacket, put him to work! You give him a paycheck, he buys the clothes, and you've just turned a personal expense into a business deduction. The same can be said for building a college fund. If your children work for you, you can pay them and put the money in the bank for college costs. Note that even if your children are young, you can pay them to appear in an advertisement or brochure promoting your business.
Please note that the IRS will scrutinize payments to family members, so you must make sure you dot your i's and cross your t's. Make sure the kids actually work for you, that their pay is reasonable, and that you keep track of their hours, pay any payroll taxes due and treat them like any other employee.
Even your vacations may be partially deductible. Try arranging a trip around a business seminar in the location of your choice. There are usually plenty to choose from. Only the expenses for the time actually at the seminar will be deductible, but so will the airfare, many of the meals and much of your hotel costs. If your wife and kids work in the business and there is a legitimate reason for them to attend the seminar, their costs may be deductible as well. Keep in mind there are limitations on this technique, so check with a tax advisor before making your plans.
These are a few ideas that could save you hundreds or even thousands of dollars over the life of your busine
As a change leader, it is up to you to insure that people believe in the change you are leading. Gandhi is oft quoted as saying, “You must be the change you wish to see in the world.” He certainly did that as he lived as a pauper among his people and brought down the British Empire with nothing but his example. You must do the same.It is common to see the exact opposite. In one company we worked where the change being shouted was massive the leaders did
Next is clothing. The IRS says any clothes suitable for wearing outside of work are not deductible as a "uniform." So a pair of blue jeans, or even a business suit is not generally deductible. But if your company name is printed on your shirt, jacket or other clothing, that item becomes deductible.
If you have kids, I don't have to tell you how expensive they are. Well, how would you like to deduct their allowance? The cost of their clothes? Heck, even the cost of their college education? If your kids work in your business, you can pay them reasonable compensation for doing so. So when Johnny needs a new pair of jeans and a leather jacket, put him to work! You give him a paycheck, he buys the clothes, and you've just turned a personal expense into a business deduction. The same can be said for building a college fund. If your children work for you, you can pay them and put the money in the bank for college costs. Note that even if your children are young, you can pay them to appear in an advertisement or brochure promoting your business.
Please note that the IRS will scrutinize payments to family members, so you must make sure you dot your i's and cross your t's. Make sure the kids actually work for you, that their pay is reasonable, and that you keep track of their hours, pay any payroll taxes due and treat them like any other employee.
Even your vacations may be partially deductible. Try arranging a trip around a business seminar in the location of your choice. There are usually plenty to choose from. Only the expenses for the time actually at the seminar will be deductible, but so will the airfare, many of the meals and much of your hotel costs. If your wife and kids work in the business and there is a legitimate reason for them to attend the seminar, their costs may be deductible as well. Keep in mind there are limitations on this technique, so check with a tax advisor before making your plans.
These are a few ideas that could save you hundreds or even thousands of dollars over the life of your busin
For the person crafting their first r?sum? the task can seem a little bit daunting, even a bit frightening. Human Resources [HR] specialists, r?sum? writing professionals, school advisors, and even friends and family members all have their say. When it comes down to it you must have a r?sum? you feel comfortable with especially since you will be the one to read it the most. Let's take a look at some common r?sum? myths and misconceptions you need to be aware o
If you have kids, I don't have to tell you how expensive they are. Well, how would you like to deduct their allowance? The cost of their clothes? Heck, even the cost of their college education? If your kids work in your business, you can pay them reasonable compensation for doing so. So when Johnny needs a new pair of jeans and a leather jacket, put him to work! You give him a paycheck, he buys the clothes, and you've just turned a personal expense into a business deduction. The same can be said for building a college fund. If your children work for you, you can pay them and put the money in the bank for college costs. Note that even if your children are young, you can pay them to appear in an advertisement or brochure promoting your business.
Please note that the IRS will scrutinize payments to family members, so you must make sure you dot your i's and cross your t's. Make sure the kids actually work for you, that their pay is reasonable, and that you keep track of their hours, pay any payroll taxes due and treat them like any other employee.
Even your vacations may be partially deductible. Try arranging a trip around a business seminar in the location of your choice. There are usually plenty to choose from. Only the expenses for the time actually at the seminar will be deductible, but so will the airfare, many of the meals and much of your hotel costs. If your wife and kids work in the business and there is a legitimate reason for them to attend the seminar, their costs may be deductible as well. Keep in mind there are limitations on this technique, so check with a tax advisor before making your plans.
These are a few ideas that could save you hundreds or even thousands of dollars over the life of your busin
Do you have an unreasonable boss? An unreasonable client? (An unreasonable spouse :) )If you do, here's an approach for responding when they make unreasonable demands of you.It's actually based on some advice I recently gave to a good friend of mine.Basically, my friend is a C-level manager with a growing company, who reports directly to the CEO.Now this CEO happens to habitually make unreasonable -- in fact, outlandish -- demands o
Please note that the IRS will scrutinize payments to family members, so you must make sure you dot your i's and cross your t's. Make sure the kids actually work for you, that their pay is reasonable, and that you keep track of their hours, pay any payroll taxes due and treat them like any other employee.
Even your vacations may be partially deductible. Try arranging a trip around a business seminar in the location of your choice. There are usually plenty to choose from. Only the expenses for the time actually at the seminar will be deductible, but so will the airfare, many of the meals and much of your hotel costs. If your wife and kids work in the business and there is a legitimate reason for them to attend the seminar, their costs may be deductible as well. Keep in mind there are limitations on this technique, so check with a tax advisor before making your plans.
These are a few ideas that could save you hundreds or even thousands of dollars over the life of your busin
The fastest way to make a good interview go bad is to avoid questions posed by the hiring manager. The one question candidates love to avoid is, “What is your greatest weakness?” Most candidates are quick to respond with superficial answers such as “I’m a workaholic” or “I’m a perfectionist.” Not only are those responses boring, but they are also predictable answers interviewers are used to hearing. So much so that an interviewer’s comeback line often is, “Tha
These are a few ideas that could save you hundreds or even thousands of dollars over the life of your business. If you think about other expenses in your life, I'll bet you can come up with even more. Remember to consult a qualified tax advisor before implementing any of these ideas, be reasonable, and always make sure the expenses are legitimate. You have every right to arrange your affairs so as to result in the lowest tax you are legally required to pay. Just don't cross over the line of common sense and reasonableness.
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