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Add to this list: “New Tax Reform Laws.”
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How are you staying current with your business, not just with the latest technologies but also the current trends in tax and financial planning?
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Meeting regularly with your CPA to review your income and adjust your tax plan is one of the best things you can do to keep more of what you make.
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We are rapidly approaching mid-year tax planning season. If you need help putting together a concrete tax plan, send me a DM today!
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Tag a friend
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: @thebusinesshacks
Ever wondered if you can make your gym dues deductible? If so, and you have a team of employees, this post is for you!
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First, let me make one thing very clear: gym dues for yourself personally are not deductible (now matter how “good” you need to look for your job).
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It would be great if they were, but they’re not. Sorry.
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But, if you offer it as a benefit for your team and can show that it’s for the improvement of your company, then the dues can potentially be deductible.
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What constitutes “benefit for your team”? It could be that by improving your team’s health/wellness you are helping them be more productive.
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Or from a culture-building perspective, a great way to build culture is to exercise together. Requiring occasional group workouts with your team would justify that membership.
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And some health insurance providers might lower rates with a gym membership, so that would benefit your company by offsetting health insurance costs.
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Bottom line: offer the membership to your employees and document the ways that it will ultimate benefit your business.
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Tag a fit business owner!
Keeping warm this bank holiday #teckel #dachshundlove #deckel #doxie #wienerdog #dogsofinstagram #sausagedog #wirehaired #teckels #instadog #tax #dachshundsofig #wiredwiener #longdog #dackel #hotdog #wiredhaireddachshund #jeanvaljeanteckel #bassottomania #dachshundlife #dachstagram #rauhaardackel #teckelpoildur #teckelpeloduro #dachshundsofinstagrams #dachshundcommunity
Do you implement any strategic planning within your business? If not, I would strongly encourage it!
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Today we are holding our quarterly leadership strategy meeting, which is a full day of analyzing the business performance and setting priorities for the next quarter.
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Within that, we set a quarterly theme and reward based on our most important initiatives.
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That one thing has been incredibly powerful for getting the team rowing in the same direction.
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It’s massively important to not just work in your business, but to also spend time working on your business.
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Let me know in the comments whether you have a scheduled strategy meeting calendar!
Was ist denn das da schon wieder für ein Geräusch. Muss ich sofort kontrollieren
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#dackel#dackelliebe#teckel#minidachshund#dachshund#standarddachshund#teckel#gravhund#mäyräkoira#jamnik#tax#wirehaireddachshund#petfluencer#hundemodel#ilovemydog#sausagedog#dachshundunited#doxie#featuremydoxie#dachshundonly#doxieoftheday#zwergdackel#rauhhaardackel#instadog#dackelofinstagram#sausagedogofinstagram
If you travel for business, but don’t want to deal with the hassle of tracking your expenses, there actually is an alternative: per diem rates!
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Instead of tracking your hotel cost and each meal during your trip, you can simply deduct a daily rate (it changes depending on the year and the city, but is around $118 per day for lodging and $64 for meals) as an expense.
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The factors you should consider in determining what method to take is 1. Do you really hate tracking? and 2. Will you actually spend more than the per diem rate, or spend less than it? If less, then take per diem rate! If more, then strongly consider taking the small task of documenting your expenses.
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If you’ve followed me for some time, you have heard me discuss the benefits of an S-Corporation to save Self-Employment Tax, lower your audit risk, etc.
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One question that comes up when I’m speaking with business owners about converting to an S-Corp is this: “Can I decide at any time of the year to be an S-Corp and get the benefits for the whole year?”
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The answer, for most people, is an unfortunate no.
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Because it’s an entirely different entity structure, you are required to have an entity already set up before you can recognize the benefits.
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While time travel is something I’m eager to see be discovered, no state in the Union (to my knowledge) has a time machine that allows you to rewind a few months and form an entity back in THAT time.
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So you have to look at what you THINK you will earn from today through the rest of the calendar year; if your best guess is that you will net more than $50-60k, consider forming the S-Corp now.
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If it’s going to be lower than that but trending upwards, put an appointment in your calendar at the end of December to start the process for 1/1.
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The only exception to this is if you have an LLC already set up. In that case, there are some provisions that allow you to potentially make a late conversion to an S-Corp.
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Did you find value in this post? If so, please drop a (or other comment) down below and let me know!
Have you ever wondered what time of year is the best to file your tax return? If so, I’m here to share that nugget with you today (and if not, you may now be curious!).
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The best time of the year to file your tax return IS...
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Early Summer!
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Why is that the case?
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By early summer (i.e., June and July) us CPAs have finally wrapped up the tax season madness and are starting to return back to a “normal life,” again.
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In late April through May, we are still quite busy handling all the work we promised would get done after Tax Day.
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Once you hit early August, we start getting into “extension season” for business returns and it stays pretty crazy through the October 15 personal extension deadline.
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You don’t want to file after October 15 because well, then you’re late.
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That leaves beautiful, sunny, not-yet-too-hot, early Summer as the best time of the year to get your returns done.
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Have you considered the summertime as a good time to get your tax return done? Would love to hear your feedback in the comments!
Collecter les statistiques #TAX effectuez une recherche à l'obtention des statistiques (Aller à la sélection).