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It seems like everyone and their mom is starting their own small business these days. When you’re a small business owner, it can be hard to find what defines you, and what part of your niche you can dominate and own. As much as many small businesses like to tout “Community over competition”, in actuality it’s pretty cutthroat out there. Everyone wants to be the best solution, and the simple truth is just that not everyone can be the best. So how do you set yourself and your small business apart from all of the competition?

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If you’ve thought about opening your own business, chances are that everyone and their dad has advice for you. You’ve probably heard advice ranging from “don’t hire your friends” to “only hire your friends”. A lot of the advice you’ll hear won’t be consistent, and in fact, most of it will be incredibly confusing. This is because every experience will be different, as the experience will vary vastly depending on the industry you’re hoping to start a business within. Unfortunately, you have no idea what opening a business will be like until you actually do it. It’s often a “learn as you go” experience. Just in case you’re still looking for a bit of advice, here are a few tips you haven’t heard yet.

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Getting a small business off the ground and running is a feat in itself, and the thought of keeping track of income and deductions might make it owning a business additionally overwhelming. Fortunately, identifying your tax deductible business expenses is easier than you might think, as a wide variety of ordinary and necessary expenses towards running your business can qualify for a tax deduction. Here are some of the most common tax deductible expenses of small business owners. (more…)

When you start a business, there are often so many things that you have to consider, decide on, and do, that the smaller and more obvious things can slip through the cracks. Where your finances are concerned, you may not think beyond having a business credit card or business loan, until you realize that in actuality, you need a place to organize the cash flow and where you are spending your money. Obviously, you need a business bank account. But what kind?

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In case you haven’t already heard, a new tax law was passed at the end of last year that radically changed the landscape of how we file taxes, and what sorts of things can be deducted. This new tax law, for better or worse, simplifies the tax process by reducing the number of deductions for many taxpayers.

However, there are still plenty of deductions that can be taken advantage of, and may get you a better return than the standard deduction. This is entirely dependent on the specific situation of each taxpayer, though. Here are some of the tax deductions that are still available and are likely to be commonly used… (more…)

One way that governments are able to impact the economic environment of a state or country is by using subsidies, which allow it to promote activities that it wants to increase, whether that be to make consumers act a certain way, or to promote certain sectors of the economy that are needed for the future. People think of subsidies as a form of the government directly giving money to a company or organization, but it is a bit more complicated than that. To put it simply, anything the government does to help an acting party directly profit or lower the cost of doing business is a subsidy. Here are several ways that the government is able to subsidize a business or industry… (more…)

You’re trying to find an accountant for your business, and you’re confused. A quick internet search for accountants near you confused you more, rather than pairing you up with the attorney that you need! Now, you’re confused and trying to figure out what a CPA is, how it’s like an accountant, and what the difference between a CPA and an accountant is. To someone who has never heard the term CPA before, it can seem confusing. And hiring an accountant(or CPA) for your business is a daunting task, already, without the added confusion trying to decide between the two.

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When tax season rolls around, all we really want is to see a nice return hit our bank account. It feels like a reward for all the hard work we’ve done that year. And you definitely deserve a reward after going through the hassle of filing your taxes. If you’re tired of not getting as big of a return as you feel you deserve, here are a few tips to get just a little bit more out of your tax return this year.

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Running a business by yourself is stressful enough, you don’t need the added stress that tax season brings. Whether you’re a seasoned business owner who has had to file your taxes for years, or if this is the first time you’ve had to handle self employment taxes, the entire task is a headache. It doesn’t matter how you look at it, it’s still an undesirable task. Add in the fact that there are a lot more small things that need to be submitted and accounted for when you own a small business, and it’s no wonder that you’re dreading tax season.

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A woman signs for a small homeThere are plenty of financial benefits for buying a home, as opposed to renting one. On top of being able to build equity off of your mortgage, instead of tossing money at rent every month, there are also plenty of tax benefits that serve as incentives to spur the rate of homeownership in this country. Here are some home-related tax deductions that you might be able take advantage of… (more…)