Common Tax Deductions Part 2!

In case the first five tax deductions weren’t enough (and let’s face it, you can never have too many tax deductions!), here are five more deductions that can save you a lot of money come tax time.

6. Professional Fees and Classes Deductions. You may have already known that you can deduct certain office equipment, your home office supplies, and health insurance, but did you know that you can also deduct many of the other costs of having a job? Any professional fees that you pay to continue in your career are deductible on your tax return, as well as much of the costs of attending classes, seminars, and training sessions. Subscriptions to professional journals, newspapers, and books are also included as tax deductions. Finally, don’t forget any membership fees you pay to trade organizations, professional groups, or chambers of commerce! All of these things will earn you quite a large deduction on your tax return as long as you keep track of what you spend and save your receipts. (more…)


Love Your Business this Valentines Day!

As Valentine’s Day approaches, let MyCorporation help you give your business the love and attention it deserves. Let Mycorp help you love your business! On February 14th, MyCorp is offering a FREE corporation or LLC from 7am to 7pm in honor of “Love Your Business Day.” In addition, MyCorporation also offers all the products your business needs – free Quickbooks, business cards and a domain name!

On February 14th, love your business by incorporating or forming an LLC to save on taxes and protect your personal assets. As a sole proprietor, your liability for business debt is unlimited. Personal assets such as your home, personal bank accounts, and other valued assets may be at risk. What does this mean? It means that if your business experiences severe financial difficulties, creditors can take away your personal property such as your home, retirement savings, or any other asset you or your spouse own. (more…)


Maintain Your Business: Common Tax Deductions

January is winding down meaning that tax season is officially upon us. Gone are the carefree days of the holiday season and now the inevitability of taxes is looming ahead. Don’t lose heart though! Paying taxes is a requirement but paying too much in taxes is not. 2011 presents new opportunities to excel at preparing your taxes by using the allowable deductions to your advantage. Here are five of the most commonly missed tax deductions. Learn them. Love them. Use them on your tax return this year. (more…)


Expanding Your Business by Building Business Credit

Once your business is up and running, expanding is the next logical step! A business can never have too many customers, but as the old saying goes, it takes money to make money. Finding the financing for more advertising or creating new products can be tricky and in many cases, an entrepreneur has already tapped into all the usual (and easy!) sources- family, friends, and personal credit cards. Fortunately for the wise entrepreneur, there’s still one major source left: business credit.

1) What is Business Credit? Business credit is very similar to personal credit. It allows a company to get financing under the business entity’s name and is based on an assessment of the business and its finances by established business credit bureaus. (more…)


How to Finance Your New Start-Up

Once you have an idea for a business, the next step is trying to raise money to make your dream a reality. One of the biggest challenges facing a prospective business owner today is financing. Where do you find the money? How do you get it? For the business savvy owner, there are many different options for finding the money you need to start your own business.

1) Friends and Family
This is the most obvious place to look for financing options. Many loyal friends and relatives are more than happy to put some money into a start-up business when asked by someone they love and trust. Remember, though, to expand your friends and family circle, and don’t just look to your immediate family members and best friends. Make a list of everyone you know, including acquaintances that you see infrequently, and then follow up with those people too. You never know who shares your interests and might want to put some money into a business they believe in. (more…)


Five Tips to Avoid Costly Mistakes

New businesses often risk shooting themselves in the foot as they’re getting started. It’s not easy to be an entrepreneur! Not only are you getting your business up and running, your operations solidified, and your marketing strategy off the ground, but you are also trying to make sure you’re managing your business properly and minimizing liability. Below are some tips to help you navigate the tumultuous waters you might face when starting your business: (more…)


A Young Entrepreneur’s Guide to Success

It’s not easy to be an entrepreneur. Not only are you getting your business up and running, your operations solidified and your marketing strategy off the ground but you are also trying to make sure you’re managing your business properly and minimizing liability. However, many young professionals are choosing to retreat from traditional jobs and instead are choosing to start their own companies. Deborah Sweeney, CEO of MyCorporation built MyCorporation as an employee and then bought out that same business. In an interview with Start Up Growth, Deborah provides the following tips to young entrepreneurs who are just getting started out in business: (more…)


Hot Topics: Small Biz Marketing and Accountant

While your business may be in the idea or infant stage, it never hurts to keep an eye looking forward. There are so many facets of business to worry about, it can cause confusion or even decision paralysis. Don’t let this happen. Try to take each issue separately as to not become overwhelmed.

Effective marketing is a hurdle entrepreneurs often struggle with. Each entrepreneur dreams of one day having a strong marketing reputation such as companies like Nike and Apple whose marketing has been key to their success. Smaller companies though, must focus on strategies that fit their resources and adapt to their customer base. So though you may be well on your way to being the next Apple, make sure you market your company in a way that is best for you on the business level that currently fits you.

Finding a good accountant can be important as your business grows. Certain accountants have special credentials and their utility should not be overlooked when making important financial decisions. Look through MyCorporation’s CPA Directory partner under the “Professional Guidance” portion of our partner page ( ) to help make the right choice of accountant for your specific business needs.

Take a look at this article for some quick advice on these two hot topics and continued success from the MyCorp Staff!,0,1562411.story


Thinking About Next Tax Season

Now that taxes are done for 2009, you may want to just put it all behind you and not worry about it again until next year.  However, tax savings are a year-round opportunity.  Businesses should work to maximize tax savings all year long so that next tax season is a good one.

There’s no time like the present to think about saving on taxes. Business tax deductions you should consider include the following:

  • Auto expenses
  • Expenses of going into business
  • Education expenses related to business or trade
  • Legal & professional fees
  • Business entertaining & travel
  • New equipment & software

The IRS states that any “ordinary and necessary” business expenses can be subtracted from your business income prior to being to taxed. The general rule is that as long as the expense is made for business (not personal) purposes, you can deduct it from your business income.

To ensure that you don’t miss large deductions that could save you a great deal of money, it is wise to consult with an income tax professional.  If you require professional assistance, we’re pleased to connect you with our network of professionals.  Click here to submit your request and you will be connected with CPAs in your area.


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We know that many of our customers need help with issues involving accounting and taxes. At no cost to you, we can help you find a qualified Accountant that understands your business.

We have a network of over 450,000 CPAs to help you find a good match based on your location and services requested. We will have up to 5 Accountants contact you to discuss your needs. You are in no way obligated to use the services offered by any CPA – simply hear what they have to say, and the decision is yours.

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