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Many people today are enjoying the benefits of being their own boss and running their own company. According to the U.S. Census, there are currently more than 5 million companies with fewer than 20 people actively operating in this country. Whether you freelance or you have created a company that employs others, you can take advantage of a variety of tax deductions on your business income.
Owners of large corporations have accountants and tax experts working for them, but many small-business owners and freelancers cannot afford that added expense. If you complete your tax returns on your own each year, make sure that you are aware of the tax deductions you can use to save. Some of the most common business deductions are listed below.
Home office
According to Entrepreneur Magazine, approximately 52 percent of all businesses in America are operated out of the business owners’ homes. The home office deduction, therefore, is one that may be useful to many.… Read More
Five Common Tax Breaks for Business Owners
Many people today are enjoying the benefits of being their own boss and running their own company. According to the U.S. Census, there are currently more than 5 million companies with fewer than 20 people actively operating in this country. Whether you freelance or you have created a company that employs others, you can take advantage of a variety of tax deductions on your business income.
Owners of large corporations have accountants and tax experts working for them, but many small-business owners and freelancers cannot afford that added expense. If you complete your tax returns on your own each year, make sure that you are aware of the tax deductions you can use to save. Some of the most common business deductions are listed below.
Home office
According to Entrepreneur Magazine, approximately 52 percent of all businesses in America are operated out of the business owners’ homes. The home office deduction, therefore, is one that may be useful to many.… Read More
The Ultimate Guide to Organizing Your Important Paperwork
First things first:
Invest in a good shredder. Identity thieves have been known to comb through trash (gross) to find bits and pieces of your discarded personal information. Shred any documents with personal information in them so they don’t get the opportunity.
Invest in a sturdy safe deposit box. On the other end of the spectrum, there are records you want to hold on to forever–so buy something solid to keep them protected from theft, water damage or fire. Also keep an inventory of what’s in there, and review it once a year.
Establish a trusted system, and stick to it. What good is an organization binge if the papers will just pile up in another week because you don’t know where to put them? Find what works for you–a bill box, a filing cabinet, a desk drawer–and stick to it.
Think about going digital.… 
There’s a lot of