If you have begun investigating accounting technology options that fit your business needs and budget, you have come to the right place for a pep talk.
How did I know that you might be a little stressed out?
When the Rolling Stones play Start Me Up, we’re pretty sure they aren’t singing about business startups. However, the tax rules for startup costs can make a grown man cry. Let’s take a close look so you can have some satisfaction in your understanding of this important startup business issue. And maybe you can save a few dollars of income taxes along the way. Let’s roll right into it so you can get this subject under your thumb!
We’d love to see 2020 one more time—in the rear-view mirror! Before we bid this abysmal year farewell, let’s talk taxes. Do you think tax rates will go up in 2021? We certainly don’t know and there are numerous ifs to consider.
If you have a crystal ball or some other way to predict the future—and you expect all of the above to happen—you might decide to do some strategic selling before the end of 2020. Are we recommending this? Absolutely not! As it stands, we’re not time-travelers or Dr. Who, sadly, so we don’t know what the future brings. That doesn’t mean we, and you, can’t assess our options to make wise and thoughtful decisions about this and other tax matters.
To help you learn a little more about capital gains and what you should be thinking about at year-end, we’ve broken it down into bite-sized pieces for easy absorption.
I get it. Your team deserves some recognition and a chance to bond over one of the most challenging years in our lifetime but planning a virtual office party during a pandemic is feeling like pouring salt on a wound.
After some thought and a bit of research, I wanted to share with you the top four office party ideas good for teams of all sizes, across multiple sites, and time zones that you can put into action in no time. Open up a new project in your PM software because here we go!
Was your business profitable in 2020? Do you expect a large income tax bill? If so, this blog is for you!
We’ve got two things you can do—before the blessed end of 2020—which could save you some serious cash on current year business income taxes! While these are two different actions, they both happen to include the word bonus. And who doesn’t like a bonus? Especially during pandemic times like these.
The decision to exit your business is one of the most important and emotionally charged decisions you’ll ever make. Indeed, it’s a life-altering decision—both for your life and the lives of the people who work for you. It means stepping away from the company you’ve built, thought about, and toiled over for years. And it can change not just your day-to-day routine, but your entire conception of self.
Most importantly, exiting your business can leave you rich. I’m talking rich-rich. The filthy, stinking kind.
But in order to walk away with the wealth you deserve, you’ll have to strategize carefully and deliberately. Exit planning isn’t something you can put off and hope to figure out when the time comes. To maximize your exit, you need to anticipate and solve potential problems in advance.
Whether you intend to leave your company in a few months, years, or decades, here are a few practical exit planning questions to consider right now:
If you’re anything like us, you’re already thinking about what deductions you'll take come tax season. Sadly, one you might miss out on is a home office tax deduction in 2020, since the Tax Cuts and Jobs Act eliminated unreimbursed employee expenses for almost all W-2 workers in 2017. That means, from 2018 to 2026, employees cannot deduct home office expenses unless they are a member of four protected groups. Which is a bummer with so many of us setting up our new home offices thanks to COVID, right?
We're all pretty disappointed by this change. Deducting home office expenses and other business-related expenses was beloved. In 2015, those who itemize deductions did so to the tune of $96 billion in unreimbursed employee expenses.
The global accounting software market is anticipated to reach USD $20,408 million by 2026 according to a recent Fortune Business Insights report.
What does the growth of the accounting technology market mean for your business? What trends in accounting tech should you be watching?
I got curious about what is trending in accounting tech, and, as always, I had to share what I found with you.
It probably won’t happen today or tomorrow, but at some point, you’ll leave your company. Ideally, you’ll walk away wealthy—or at least wealthier than you are right now—ready to dive into retirement, the launch of your next business, the beginning of your career as an investor, or whatever the next stage of your life holds.
But exits don’t always happen the way we hope and dream they will. There are unavoidable crises, downturns, and other economic realities to contend with. Companies fail; in fact, fewer than half of small businesses in the US survive beyond a decade.
It sounds like an easy win. You take $200,000 from an investor right when you need it, with minimal back-and-forth negotiation and no debt obligations or loss of equity in the present.
Sure, there are some strings attached. In exchange for their financing, the investor has agreed to some percentage of ownership in your company at an unspecified future date. But you don’t need to worry about that now—you just secured seed funding without giving up any control in your company or borrowing money you may not be able to pay back.