Whether on an individual level or as a business owner, every living, breathing citizen or resident of the United States of America have some familiarity with federal and state taxes. The mission of the Internal Revenue Service is to "provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all.". This is why we must file taxes annually on our income each year.
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.
Even before launch day one thing is certain: It costs money to start and run a business. We all intuitively know this to be true because we know that simply existing in the world (as a business or individual) comes with expenses. It is one of the biggest barriers many undercover entrepreneurs see between their current lives and their dreams. And while we all know the benefits of getting as much as bang for our buck as possible, even the smallest startups with little to no overhead and minimal cash burn must spend money to grow or stay afloat.
Just like your first steps into #adulting can be financially wobbly, so can the first year (or few years) running your own business. You might have the wisest, most experienced mentors and investors in your court, but there are going to be things that nobody can prepare you to face. Like everyone else, even the most seasoned entrepreneurial vets are limited to their own experiences and can only know so much about what the future holds for your particular startup.
Like most of today’s business owners, you probably don’t spend a lot of time sifting through the IRS’s website for tax-saving tips. But chances are, unless you're already a CPA, you still have a lot to learn about saving your business money on taxes.
In the world of business taxes, there are three pricey tax penalties businesses can avoid, and—as is true with so many of your tax responsibilities—they all come down to one thing: paying your taxes on time.
If you run a startup or other business in the midst of growth, you picked a hell of a time to embark on your entrepreneurial journey. We’ve reached a point in the global marketplace where the tools and products out there designed to help you manage your company are virtually limitless.
The question then becomes: Where to begin?
The landscape of business resources is vast and weeding through the internet is time consuming... so we did it for you! As of April 2016, here’s a comprehensive list of resources you should know about, from marketing to sales to teamwork to legal help and beyond:
When you think about the end of the month, what keeps you awake each night? If you say your investor board meeting, you’re in good company! The best way to ensure you’re in good shape when the date for that meeting gets closer is to package the information you want to discuss in the best way possible well in advance. With that, I’d like to introduce you to the art of the investor report.
Accurate small business accounting is the difference between (startup) life and death, and ignorance of an out-of-control burn rate is one of the top symptoms of a company in trouble. Paul Graham, the founder of Y-Combinator, once said that “When startups die, the official cause of death is always either running out of money or a critical founder bailing,” and although we can’t help with your founder relationships (though we do know a good couples counselor who might help), we can definitely offer guidance for preventing the former by helping you manage your startup spending. Here’s how.
As someone who spends all day, every day, listening to entrepreneurs share the challenges they face, I’ve learned a few things: Every business may be unique, but business owners have a lot in common.
Lately, I’ve been hearing a lot of anxiety from founders of SaaS companies and other rapidly growing startups as they approach their series A fundraising round.
The Internet is full of great advice for approaching a series A funding round. Most of them emphasize a few basic points:
The entrepreneurs I talk to are, without exception, smart, motivated, energetic people. They are full of ideas for life-changing products and services and plans for the future. But at some point, nearly all first-time business owners get stuck by a question: “What type of entity should my small business be?”
This may not be the most fun part of starting the business, but it shouldn’t be painful either. If terms like S corp, C corp, and sole proprietorship make your head spin, you’re definitely not alone.
This question is so common that I decided to put together an article to easily explain the different types of entities that work for most small businesses.