Unlike the old days, it’s now possible for jobseekers to find openings practically anywhere. We can thank the internet for this, and the rate at which it’s being used to connect jobseekers to recruiters. However, despite this trend, recruiters are still finding it difficult to fill job openings with qualified applicants. In fact, 67 percent of recruiters claim that it is now more difficult to find the talent they need than ever. With so many openings available, it’s become essential that your company is able to stand out from your competitors. And we’ve got a few simple steps you can take to do just that.
Welcome to David in Taxland - a series of tax articles written for business owners. Spoilers: a deduction is a deductible expense – and – pancakes and pianos should be kept separate.
Do you find taxation confusing? I did. Then I became a tax accountant. I still find it confusing. Just not as much or as often. I write these articles to help you wrap your mind around key concepts and practices. I want taxation to make sense to you.
Hey, before we start, let’s get this out of the way: there are a gazillion articles out there on business deductions; many are worth reading. IRS Publication 535 Business Expenses is a very good guide. When you make tax-related business decisions, please rely on appropriate and legit sources, not blog articles—especially not mine. When in doubt: study, learn what you can then talk with a tax pro. Enough about that. Let’s get right to it.
You already know your startup needs funding in order to succeed. No matter how strong your vision is, without sufficient capital, you won’t be able to bring your idea to life.
What you might not know is which types of startup funding are ideal for your goals and circumstances. This guide will clarify the topic.
The following are five common types of startup funding. As you strategize, consider which you should pursue.
“You need to spend money to make money.” Whoever came up with that was probably in marketing, or should have been. Marketing is an investment that can offer significant returns. From brand development to influencer marketing to email campaigns, it’s a great way to differentiate your business in a crowded or competitive space.
Welcome to David in Taxland - a series of tax articles written for business owners. Spoilers: all income is taxable unless it’s not and the moral to the story is to pay and file your taxes on time.
Taxable income is cleverly defined by the IRS. Instead of making certain types of income taxable, and leaving the rest not taxable, it took an opposite position: all income is taxable—unless it’s not. The basic idea is this: any increase in wealth for a taxpayer (individual or business) is taxable unless the IRS provides a specific exclusion or deduction. Note: income can be cash or non-cash (such as fringe benefits).
November 07, 2019
Posted by Celene Robert
to
Business Advice
Welcome to inDinero’s Pot of Gold. In this series, you’ll learn quick, actionable tips to protect and build your company’s capital and personal finances. Whether your “pot of gold” is figurative or literal, these tactics will better enable you to maximize your wealth.
Today we’re exploring a popular but often-misunderstood tax-saving strategy: travel expense deductions.
Welcome to inDinero’s Pot of Gold. In this series, you’ll learn quick, actionable tips to protect and build your company’s capital and personal finances. Whether your “pot of gold” is figurative or literal, these tactics will better enable you to maximize your wealth.
Today we’re looking at how taxpayers can maximize their retirement savings through a handy accounting maneuver known as the “backdoor Roth.”
As a small business owner, you might be worried when you find out how frequently small businesses fail. Especially when you read that according to the Small Business Administration, only about half of all businesses survive past the first five years.
Statistics like that can be troubling, but you shouldn’t let it deter you from your dream to start your own business. A wide range of factors can come into play when a business fails, and there is a lot you can do to protect your business. One thing every small business owner should do is to find out the different causes of small business failure so they can learn how to avoid them.
Welcome to David in Taxland—a series of tax articles written for business owners. Spoilers: this article only considers C-corporations. Hint: don’t be like Nolan. Future articles will bring happier subjects, shorter articles and, of course, Al Capone.
Businesses are usually created for profit, but many operate at a loss in the early years. In Taxland, a business is profitable when it has more revenue than deductions. If it has more deductions than revenue, it’s operating at a net loss—it has a Net Operating Loss, an NOL. We call a C-corporation with an NOL a loss corporation.
Some companies are better equipped than others for growth. The difference can come down to something as seemingly simple as business structure—not leadership vision, not go-to-market strategy, but the details of an incorporation document. Specifically, we’re talking about the distinction between an LLC and a C corporation.
If you own a startup, chances are good your business is structured as an LLC (short for limited liability company). Chances are also good your business could benefit from converting to a C corporation (AKA “C corp”).
Portland
How to Make Your Company Stand Out in a Competitive Job Market
February 18, 2020 Posted by Celene Robert to Business Advice, Business, Startup Tips
Unlike the old days, it’s now possible for jobseekers to find openings practically anywhere. We can thank the internet for this, and the rate at which it’s being used to connect jobseekers to recruiters. However, despite this trend, recruiters are still finding it difficult to fill job openings with qualified applicants. In fact, 67 percent of recruiters claim that it is now more difficult to find the talent they need than ever. With so many openings available, it’s become essential that your company is able to stand out from your competitors. And we’ve got a few simple steps you can take to do just that.
Pancakes and Pianos: A Primer on Business Tax Deductions
February 04, 2020 Posted by David Korb to Taxes, Startup Tips
Welcome to David in Taxland - a series of tax articles written for business owners. Spoilers: a deduction is a deductible expense – and – pancakes and pianos should be kept separate.
Do you find taxation confusing? I did. Then I became a tax accountant. I still find it confusing. Just not as much or as often. I write these articles to help you wrap your mind around key concepts and practices. I want taxation to make sense to you.
Hey, before we start, let’s get this out of the way: there are a gazillion articles out there on business deductions; many are worth reading. IRS Publication 535 Business Expenses is a very good guide. When you make tax-related business decisions, please rely on appropriate and legit sources, not blog articles—especially not mine. When in doubt: study, learn what you can then talk with a tax pro. Enough about that. Let’s get right to it.
Angel Investors + 4 Other Ways To Fund Your Startup
January 10, 2020 Posted by Rae Steinbach to Taxes, Startup Tips
You already know your startup needs funding in order to succeed. No matter how strong your vision is, without sufficient capital, you won’t be able to bring your idea to life.
What you might not know is which types of startup funding are ideal for your goals and circumstances. This guide will clarify the topic.
The following are five common types of startup funding. As you strategize, consider which you should pursue.
How Should You Budget for Marketing in Your Small Business?
December 02, 2019 Posted by Celene Robert to Business Advice, Startup Tips
“You need to spend money to make money.” Whoever came up with that was probably in marketing, or should have been. Marketing is an investment that can offer significant returns. From brand development to influencer marketing to email campaigns, it’s a great way to differentiate your business in a crowded or competitive space.
Estimated Taxes, a Clever IRS, and a Well-Dressed Mobster
November 12, 2019 Posted by David Korb to Taxes, Startup Tips
Welcome to David in Taxland - a series of tax articles written for business owners. Spoilers: all income is taxable unless it’s not and the moral to the story is to pay and file your taxes on time.
Taxable income is cleverly defined by the IRS. Instead of making certain types of income taxable, and leaving the rest not taxable, it took an opposite position: all income is taxable—unless it’s not. The basic idea is this: any increase in wealth for a taxpayer (individual or business) is taxable unless the IRS provides a specific exclusion or deduction. Note: income can be cash or non-cash (such as fringe benefits).
Self-Employed? You May Be Able to Save Money on Taxes by Deducting Travel Expenses
November 07, 2019 Posted by Celene Robert to Business Advice
Welcome to inDinero’s Pot of Gold. In this series, you’ll learn quick, actionable tips to protect and build your company’s capital and personal finances. Whether your “pot of gold” is figurative or literal, these tactics will better enable you to maximize your wealth.
Today we’re exploring a popular but often-misunderstood tax-saving strategy: travel expense deductions.
Use a Backdoor Roth IRA to Build Tax-Free Savings
November 01, 2019 Posted by Celene Robert to Business Advice, Startup Tips
Welcome to inDinero’s Pot of Gold. In this series, you’ll learn quick, actionable tips to protect and build your company’s capital and personal finances. Whether your “pot of gold” is figurative or literal, these tactics will better enable you to maximize your wealth.
Today we’re looking at how taxpayers can maximize their retirement savings through a handy accounting maneuver known as the “backdoor Roth.”
Five Common Reasons Small Businesses Fail
October 29, 2019 Posted by Rae Steinbach to Taxes, Startup Tips
As a small business owner, you might be worried when you find out how frequently small businesses fail. Especially when you read that according to the Small Business Administration, only about half of all businesses survive past the first five years.
Statistics like that can be troubling, but you shouldn’t let it deter you from your dream to start your own business. A wide range of factors can come into play when a business fails, and there is a lot you can do to protect your business. One thing every small business owner should do is to find out the different causes of small business failure so they can learn how to avoid them.
Why Net Operating Losses are Valuable but Limited
October 24, 2019 Posted by David Korb to Taxes, Startup Tips
The Story of Nolan, an NOL and a Very Bad Haircut
Welcome to David in Taxland—a series of tax articles written for business owners. Spoilers: this article only considers C-corporations. Hint: don’t be like Nolan. Future articles will bring happier subjects, shorter articles and, of course, Al Capone.
Businesses are usually created for profit, but many operate at a loss in the early years. In Taxland, a business is profitable when it has more revenue than deductions. If it has more deductions than revenue, it’s operating at a net loss—it has a Net Operating Loss, an NOL. We call a C-corporation with an NOL a loss corporation.
Should You Convert Your Company to a C Corp?
October 21, 2019 Posted by Celene Robert to Taxes, Business Advice
Some companies are better equipped than others for growth. The difference can come down to something as seemingly simple as business structure—not leadership vision, not go-to-market strategy, but the details of an incorporation document. Specifically, we’re talking about the distinction between an LLC and a C corporation.
If you own a startup, chances are good your business is structured as an LLC (short for limited liability company). Chances are also good your business could benefit from converting to a C corporation (AKA “C corp”).