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.
I don’t know about you, but I’ve always found that watching the money coming into my bank account is much more fun than paying it out. While we haven’t found the secret sauce to not spending money—expenses are a fact of life—we have built a software and service that lets you pay bills effortlessly, and the new Partial Bill Payment feature adds a much-needed level of flexibility to that process.
You can now use inDinero’s Bill Pay tool to pay some, but not all, of a bill. So the next time you need to split an unexpectedly large invoice into monthly installments, you can. And when you have to pay a freelancer half up front and half when the job is done, it’s quick and easy.
There’s lots of advice out there about what companies should spend on marketing. Most commentators claim businesses should spend around 6-12% of their revenue on marketing, but it’s important to remember that’s when they’re speaking to a wider audience. If you’re trying to decide how much you should spend to generate revenue for your business, there is a lot more information you should consider.
One of the biggest factors you need to account for when setting your company’s marketing budget is your industry. Take a consumer goods company for instance. In today’s competitive digital landscape, they could spend 12% of their revenue on online advertising alone. That’s going to look much different than a transportation company who is likely to spend much less than 6% because so much of their business depends on existing relationships and campaigns.
So let’s start by taking a look at how much money marketing teams have to play with based on their industry.
As of 2016, more than a million U.S. companies have incorporated in Delaware, including many startups and small businesses that hail from California’s Silicon Valley.
Why do so many startups incorporate in Delaware?
In a previous article, we discussed how incorporating in Delaware benefits businesses: Essentially, non-resident businesses don’t pay income, property, or sales taxes in Delaware.
However, if you’re planning on doing any business in California, there are still some hoops you need to jump through to avoid fees and penalties.
Here’s what you need to know if your Delaware C Corporation is based in California—aka the biggest state economy in the United States and the eighth biggest economy in the whole world!
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.
Delaware isn’t a state that typically surprises you, but there’s one particular fact about the First State that might:
More businesses are incorporated in Delaware than there are people living there!
It’s not just small businesses either. In fact, over 60% of Fortune 500 companies are incorporated there. This may seem bizarre, but it’s definitely no accident: Delaware has been consciously choosing to be the ideal home for businesses as far back as 1899.
Whether your business already a Delaware C Corporation or hasn’t incorporated there yet, this article will explain how this impacts your taxes.
I recently overheard a casual conversation between two of my friends from inDinero’s tax team in the breakroom. Their conversation was animated, and I kept hearing the term “K-1”—naturally, I assumed they were talking about a new Star Wars character. But boy was I wrong...
I learned that the Schedule K-1 is not a new imperial droid, but can be just as villainous in the eyes of many small business owners.
The marketplace is currently seeing an all-time high of women-led businesses. Among these, a staggering 99.9% are classified as small business ventures, meaning they employ 500 people or less.
Small business have long been proven to be economically beneficial to communities. About 63% of new jobs created from 1993-2013 were in the small business sector, which makes up nearly three-quarters of all U.S. businesses! And we’ve seen how a little encouragement can go a long way with emerging women’s organizations.
Small businesses must transform themselves to keep up with ever-changing technologies moving the world forward. It’s vital to their success in a competitive business landscape, and it’s also crucial to the success of the greater economy. According to the Small Business Administration, small businesses accounted for 63% of net new jobs from 1993 to 2013.
With that said, small companies can get a step ahead of the game by budgeting to take advantage of changes in their industries. Here are five small business trends that will make a splash in 2018.
There are many ways for businesses to lower their tax liability with deductions and credits that set off taxes directly with qualifying expenses—you’ll find 92 potential tax deductions in this article. Typically, tax law requires deductible business expenses to be ordinary (common and accepted in your trade or business) and necessary (helpful and appropriate for your trade or business). But even some expenses, no matter how relevant they are to the nature of your business, are not deductible.
Although there may be some limited exceptions, this list covers thirteen common expenses that the IRS does not considers deductible on either a business or individual income tax return.