Whilst working as self employed you are bound to incur expenses that are required for the running of your business. These can then be offset against your revenue to reduce your overall tax liability.
You never want to pay more tax than you need to, so it makes sense to claim for all the expenses that you can. Just remember that an expense has to be ‘wholly and exclusively’ for business purposes, so you can’t claim your weekly food shop.
To give you an idea of what you can claim, here is a comprehensive list of expenses for the self employed. Continue reading
Why settle for less when you can have more?
MyCorporation is teaming up with Provident Trust Group to help business owners take advantage of all the benefits Solo 401(k)s and Solo 401(k) LLCs have to offer. Provident Trust Group is an IRA Custodian. They currently establish accounts for nearly 200 business owners monthly which has led them to a client base of more than 20,000. They’ve even landed on Inc.’s 500|5000 list of fastest-growing private companies four years in a row. Continue reading
Corporations are appealing for a lot of reasons: there are numerous tax benefits, they offer a sense of protection by legally separating the business owner from the business entity, and they’ve been around for so long that, if done correctly, they’re known as a rock-solid business structure. Continue reading
When you first started your business, you probably thought that you’d be able to go on a long vacation whenever you would want to. Fast forward to the present and you now know better! As captain of the ship, it’s not all fun and games; there is a lot riding on you.
But just because you’re in charge of a company doesn’t mean you can’t take a break from work. Disconnecting from all the mayhem once in a while will do you good.
A vacation will help you relax and get more creative. It will also boost your productivity. And if you’re in luck, you might find the opportunity to get in touch with fellow entrepreneurs or other inspiring people. Continue reading
Owning a franchise is a completely different experience than owning your own, independent business. For this segment of “Experts Weigh In,” we asked our franchise experts what they’ve learned about the franchise experience and what they would tell potential franchise owners. Here were our 14 favorite answers:
1.“As a franchisee with Brightway Insurance, I learned about the incredible support available to me within the Brightway system vs. the support I would have had if I struck out as an independent insurance agent on my own. From technology to telephony to business analytics to marketing, it’s like working at a large corporation with a terrific infrastructure but still being my own boss and responsible for building my own business.
If someone is interested in getting involved in a franchise, I’d tell them to ask a lot of questions about the support available to them and the track record of the model. In most cases you should find something that has been thought out, tried, tested, and proven so all that is left is to leverage it.” -Billy Wagner, Brightway Insurance, Inc. Continue reading
If you don’t have a blog on your business site as of yet, you’ve already been left in the dust. The good news is that you can still recover pretty quickly if you take some proactive steps right now. Why is a blog important? Because search engines are now tracking the content of blogs and basing rankings on the quality and quantity of blog posts initiated on business sites! Having a business blog is just part of the equation if you hope to grow your business! Continue reading
We’ve all heard about the benefits of filing an S Corp election for your C Corporation. You get to avoid paying federal corporate income tax, when with a C Corporation you are subject to double taxation. Filing for an S Corporation status has always been an easy solution to getting out of double taxation. Continue reading
Whether you have a great HR team or you deal with your employees directly as the small business owner, dealing with sensitive workplace issues is always tricky. We’ve all heard about the co-worker who likes to warm up fish in the microwave everyday, or skips the all too frequent shower. Between dealing with body odor and inappropriate dress, we asked our pool of small business experts how they deal with sensitive workplace issues. These were our 10 favorite answers:
1.“I deal with workplace issues privately and head on in real-time as they happen. Dancing around the real issues is tiresome, wasteful, and sets the foundation for a water-cooler culture.” -Ryan P. Blanck, CPF, CPT, offtrackonpurpose.com
Hopefully your business has a backup plan in case of emergencies, power outages, and natural disasters. Having a standby generator is a great way to ensure that your business is operational, and any refrigerated or power-sensitive products you may have are safe. However like any major equipment, power generators require regular maintenance, even (or especially!) if they are only used once or twice a year. Continue reading
There’s no let up in small business, is there? There’s barely a pause between the end of one year and the beginning of the next. As a new year begins, it’s tempting to just keep running, doing the same things all over again. However, it’s critical to stop and reflect on last year and what you want to achieve this year. There are a number of areas you’ll find useful to focus on when planning for the year ahead as a small business owner. Continue reading