Blogroll
Archives
Monthly Archives: November 2011
Business Banking
There are a number of differences between the financial needs of an individual and those of a company, and having access to specialist business banking facilities is absolutely essential in the current economic climate. For a business to grow and perform well in the long term, it is important to be able to rely on long term stability from their bank, and to be confident that any savings or borrowing are flexible enough to support your goals.
With a specialist business bank like the few Commercial Banks looking after your needs, your company will be able to take advantage of a full range of services and access to a long term relationship that promotes stability and investment in the future.
Relationships are extremely important in business, and for any business whether large or small, the ability to develop a consistent partnership with their bank is important, as this will pay dividends in the long term growth potential that a company can expect.
Business banking is very complex, and is a two way process that requires great attention to detail from all parties. Having a stable financial basis from which to manage funds on a day to day basis is essential to promote growth and profits.
With the support and advice available from a specialist business relationship manager at your bank, you will be able to get access to a range of business banking services and products that will support your goals because they are tailor made for use by companies.
Maximize Small Business Tax Deductions and Tax Credits For 2009, 2010
Owning a small business can give you an edge at income tax time, if you are armed with as much information about business tax credits and deductions as you can.
Since small business owners are three times more likely to be audited by the IRS than a non-owner, it is very important to have accurate information, and to make sure you qualify for the credits and deductions you are claiming.
This article will touch on a few tax deductions available to business owners.
What deductions can you safely claim? You can claim business tax deductions on things that are reasonable and necessary to run your business. This could include your home office, office supplies, furniture and equipment, mileage necessary to operate your business, travel, dinner and entertainment expenses.
It can also include real estate tax, mortgage interest, depreciation costs, insurance, rent, security systems and utilities and services like phone, internet and garbage collection. Health insurance cost and liability insurance costs may be taken as deductions.
With this many items or more to think about, it is important that you have the most recent and accurate information about small tax credit and deductions.
It is also important to know about self-employment tax as your obligation for contributions to social security and any real or potential retirement contributions to a SEP/IRA. There is help for you.
Since I know that as a small business owner you are independent minded and like to do things on your own, you may find an on-line small business tax preparation program helpful. Such a program can walk you through all the deductions and credits, so that you will know when you file that you have taken advantage of all the credit breaks you deserve, and have met all the qualifications required by the IRS.
You want to feel that if you are one of the “three times more likely”, that you are in the best possible standings you can be for that audit.
Owning a small business can be rewarding and give you a break at tax time. Make sure you have as much accurate information about small business tax credits and deductions that you can. An on-line tax preparation program may be just what you are looking for to keep that edge.
Home Based Business Tax Deductions
Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available.
Most of the time any expenses that are related to your business can be added as a deduction on your taxes. If you do not pay taxes through out the year, deductions can help you from paying a large amount of taxes each year and can also adjust earned income. Try to avoid paying large amounts of taxes or owning any money by keeping track of simple things!
Each business is a bit different so be sure to mention these ideas to your tax adviser or accountant to see if your business can qualify for these deductions.
1- If you join any business or purchase into any franchise, the expenses such as kits, or franchise fees may be claimed as a deductions. Receipts for these business start-up costs should be saved.
2- Business Supplies. Be sure to save all receipts for any supplies you purchase for your business use. Computer paper, business cards, pens, catalogs, brochures or any items you purchase and use for your business.
3- Advertising- Most advertising can be claimed on your taxes. Keep all receipts for any newspaper ad’s you may run, banner advertising, or any advertising you do online. Advertising is a business expense and in most cases can be written off.
4- Items Given Away- Keep a list of any items you may give away, and the costs of these items. Most freebies may also be written off.
5- Phone Bills and Internet Access- If you have a phone line for business use or have the internet in your home or office for business use, save all receipts for each bill paid. These items are business expenses and may also be written off.
A cell phone that is used for business is also a deduction.
6- An In Home Office- If you have an office in your home, make sure to let your tax adviser know. Using a room in your home as an office can also be added on taxes.
7- Long Distance Calls- If you make any long distance calls that are related to your business, make sure you keep all phone bills showing the calls and the amounts charged. If these calls are related to your work, the cost of the calls may also be written off in most cases.
8- Returned Checks and Bank Fees. If you incur any bounced checks from customers and can not collect on them, those amounts may be deducted, along with any fees you were charged from your bank. Be sure to keep the returned check, the letter from your bank and your bank statement to show the fee you were charged.
9- Postage- All postage costs paid by you or shipping fees may be claimed. Keep receipts for all shipping supplies, and postage.
10- Computers & Software- If you purchase a new computer for business use, the cost of the computer may be claimed. Software that you may use for business may also be claimed.
You may also claim depreciation for 3 years after the computer was purchased.