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Examples of Qualified Research Expenses That Prove the R&D Tax Credit Isn’t Just for Big Businesses

Posted by Melissa Hollis to Startup Tips, Taxes, Business Advice

 

One of the most momentous parts of business is nailing down what makes your product or service different. For some companies, like law firms, this can be the talent, experience, and expertise of your team, or even just your location. However, outside of professional services, many companies define their competitive advantage by identifying new problems to solve or coming up with new ways to solve them. So, it’s those innovative entrepreneurs whom I’d like to introduce to the R&D Tax Credit.

 

What is the R&D Tax Credit?

Since 1981, the United States federal government has offered the research and development (R&D) tax credit as an incentive for companies who research and develop new products. What started as a temporary, trial-based credit has recently become a permanent part of the federal tax code due to its success in stimulating job creation and helping to solidify the U.S. as an economic leader on a global scale.


But, its effects could be even greater.

Prepping for Your First Investor Meeting? Do These 4 Things to Build a Strong Business Foundation for Receiving Funding

Posted by Melissa Hollis to Startup Tips, Funding, Business, Investment, Accounting

There are many articles out there that provide a wide array of lofty advice about fundraising. Some of the groundbreaking tips in those articles may cause you to rethink minor details such as the order of the slides in your deck or even something as major as your go-to-market strategy. This is not one of those articles, but we do have an ebook full of stories that are sure to inspire here.

3 Signs Your Startup is Ready for an ERP System

Posted by Brooklin Nash to Startup Tips, Business

Computers have long since become an integral facet of companies of all shapes and sizes. With computer systems becoming more complex and adaptable, they have been able to meet the demands of both giant manufacturing organizations and small B2B operations. For companies both large and small, there comes a point when operations are made much easier by implementing an Enterprise Resource Planning (ERP) system.

 

Your Small Business Can Afford to Offer Retirement Plans—Here’s How

Posted by Damian Davila to Startup Tips, Budgeting, Investment, Business Advice

In the past, many small business owners have thought that providing a 401(k) plan wasn’t realistic for their employees. Perhaps they felt they were too small, that the plans were too expensive, or that the administrative burden was just too high.


Luckily, this is no longer the case, and not only is it possible—and affordable—for companies of any size to start providing a savings plan, but getting an early start is also advantageous from a tax-saving perspective


Consider this:

  • A recent Glassdoor employment confidence survey found that 31% of workers value a 401(k), retirement plan, and/or pension over more than a pay raise.
  • Approximately two-thirds of workers not saving for retirement say they would be likely to save for retirement if their employer used automatic paycheck deductions at either 3% or 6% of salary.
  • In 2018, workers can make tax-deductible contributions of up to $18,500 to a 401(k).

The other good news is that in this tight job market, offering a workplace retirement plan is a great way to make your business stand out from the competition. However, it’s not just employees who can draw huge benefits: as it turns out, employers can also reap some incredible tax credits and deductions for providing a 401(k).

What Do Different Industries Spend on Marketing?

Posted by Tim Brown to Budgeting, Accounting, Business Advice, Startup Tips

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.

5 Small Business Trends to Work Into Your 2018 Plans

Posted by Meredith Wood to Budgeting, Business, Business Advice, Accounting, Startup Tips, Funding

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.

13 Business Expenses You Definitely Cannot Deduct

Posted by Melissa Hollis to Accounting, Taxes, Startup Tips

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.

3 Financial Metrics I Use to Run My Marketing Agency

Posted by Chris Hickman to Accounting, Budgeting, Business Advice, Startup Tips

No successful marketer decides to start their own agency because they love accounting. Not even the most passionate digital marketers who love getting deep into the data, like I did when I started Adficient.

What Bay Area Tax Hikes in 2017 Mean for Startups

Posted by Robert Schulte to Taxes, Industry News, Startup Tips

When tax rates rise, small businesses feel the brunt of the impact, but they also pass along increased costs to consumers. In recent news, many residents of the Bay Area are having a hard time getting used to the April 2017, half-cent sales tax increase imposed on a number of cities and counties that make up the startup epicenter. Keep reading to learn why taxes increase and how this year's rate hikes impacted small businesses, which cities are feeling the effects, and what you can do to ease the burden at your business.

5 Inspiring Lessons from Businesses That Started as Pet Projects

Posted by Victoria Greene to Business Advice, Startup Tips

Some entrepreneurs were put on this earth to start, run, and grow businesses. And then there are business owners who started as enthusiasts and turned their real-life passions into their livelihood.


Whether your passions include playing video games, crafting, designing clothes and accessories, or helping your community, that emotional investment can be all you need as a foundation for a lucrative business. If you want to power your business to loftier heights, take note of these seven inspiring business ideas that started off as pet projects.

 

Success starts when you take charge of your finances.

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