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92 Tax Deductions Every Small Business Should Know About

Posted by Melissa Hollis to inDinero Academy, Taxes, Business Advice

The IRS isn’t known for cutting to the chase. If you’ve ever dug through IRS.gov looking for an answer to your question, you likely came away with much more information than you could ever want.

 

That is, unless you happened to be looking for a straightforward list of tax deductions for your small business. The IRS is uncharacteristically silent on this point.

 

In fact, tracking down the ultimate list of small business tax deductions is a grueling task that takes hours and hours of research. But lucky for you, we’ve gone ahead and put it together for you! We uncovered 92 potential small business tax deductions—and 11 that you shouldn’t even think about claiming.

What You Can Do Right Now to Save Time & Money on Your Business Taxes

Posted by Julian Blankenship to Taxes, Business Advice

Did you know that 40% of small business owners spend more than 100 hours a year managing federal taxes alone?

How Outsourced Accounting Makes it Easier to Scale Your Business

Posted by Jonathan Grabis to Taxes, Accounting, Business Advice

Here’s a phrase you never thought you’d hear from a CEO who just raised seed funding: “Nobody told me how difficult success can be for a startup.”

 

This may not sound like much of a problem. But the more I thought about it, I realized that many early-stage businesses start out with blazing potential and burn out before they reach it.

Pay Business Taxes on Time—Even If You File for an Extension

Posted by Elise Fajen to Taxes

We talk a lot about tax deductions and credits on this blog—from home offices to bonuses to charitable tax deductions, there are so many ways to help our clients save on taxes! So it can be easy to forget that so many small businesses overpay each year just because they miss their tax deadlines.

Get Charitable this Giving Tuesday—and Get Tax Deductions!

Posted by Melissa Hollis to Taxes

No doubt about it, the holiday season is officially underway, with #BlackFriday, #SmallBusinessSaturday, and #CyberMonday raking in billions of dollars for businesses. Now that you’re all stocked up on discount TVs, it might be time to think about giving back.

Not to fear, we have a hashtag for that too: Yep, it’s #GivingTuesday.

Exempt vs. Nonexempt Employees: What Small Business Owners Should Know

Posted by Sarah Olbekson to Business Advice, Business

As of May 18, 2016, many employers and payroll processors are hard at work implementing President Obama’s call to more than double the annual salary cut off for overtime pay from $23,000 to $47,476 (a difference of about $458 a week). This jump immediately benefits upwards of 4 million American workers and is historic in nature because it’s a change that hadn’t taken place since 1975 when a $23k annual salary had the spending power $101,677 has today (source: United States Department of Labor Inflation Calculator).

Your #1 Year-End To-Do: Close Your Company’s Books

Posted by Melissa Hollis to Taxes, Accounting, Business Advice

The last few weeks of every year fly by, but before you get swept away by the hustle of planning for 2017, set time aside to bring the current year to a close. I’m not talking about hosting an office holiday party to celebrate your company’s achievements, holding annual reviews to appraise individual and overall business growth, or dishing out employee bonuses. You should definitely consider doing those things!  

Whatever else you do, just remember that your most important end-of-year financial task is closing your books.

Get Business Taxes Right the First Time (and Other Tips for New Entrepreneurs)

Posted by Steve Kornreich to Inside inDinero, Taxes, Accounting, Business, Startup Tips

 

A quick intro from the editor: Steve Kornreich heads inDinero’s NYC-based consulting team that serves entrepreneurs east of Chicago. He is the proud father of a soon-to-be 5-year-old cockapoo named Mickey.

 

 

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I recently had the pleasure of joining founder and CEO of Justworks, Isaac Oates, and Founder and CEO of LawTrades, Raad Ahmed, on a panel sharing personal success stories and practical advice to entrepreneurs of all stripes. While I haven’t personally started a business, I do have the breadth of experience working with countless startups and watching them grow. I’ve worked for a big Wall Street firm and an early stage startup (we, unfortunately, did not make it), and led business development efforts for small and mid-sized financial institutions at Gartner before coming back to the startup ecosystem with inDinero.

All You Need to Know About Your Business's Cap Table

Posted by Melissa Hollis to Business Advice, Startup Tips

When I was first introduced to the concept of cap tables, I drew a parallel with the part of me who has always wanted to try ancestry.com: a cap table is to a business what DNA is to a human being. While I wasn’t too far off, there was still more to learn about this essential business document, and how it’s used to communicate information in business.

Your Best Loan Options, If Your Business Needs Cash Fast

Posted by Meredith Wood to Business, Loans

At times you may feel like your business is moving at the speed of light (more than 186,000 miles per second). Business loans, on the other hand, have been a different story. Many a business owner can share memories of completing mountains of paperwork and then waiting months for approval on a traditional bank loan.

 

Today’s business loan environment is different. With technology, less paperwork, and fewer government regulations, there are now more options than ever for businesses that need additional capital quickly. Maybe not at the speed of light – yet – but much faster than in the past.

Success starts when you take charge of your finances.

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