One of my issues with the network marketing, and MLM industry is they are usually more excited about sharing their Products and opportunity with other people, when they should be structuring their business for themselves.
25 May 2019 by
Small Business Tax Deductions
92 Small Business Tax Deductions
- Accounting fees
- Advertising & marketing
- Amortization
- Bad debts that you cannot collect
- Banking fees
- Board meetings
- Building repairs and maintenance
- Business association membership dues
- Business travel (here’s what you need to know!)
- Cafeteria health-insurance plan (requires plan)
- Car expenses
- Charitable deductions made for a business purpose
- Charity or traveling to perform charitable services
- Cleaning/janitorial services
- Collection expenses
- Commissions to outside parties
- Computers and tech supplies
- Consulting fees
- Continuing education for yourself to maintain licensing and improve skills
- Contractors
- Conventions and trade shows
- Credit card convenience fees
- Depreciation
- Discounts to customers
- Eating out while you’re traveling for business
- Education and training for your employees
- Employee wages
- Employee benefits
- Entertainment for customers and clients
- Equipment
- Equipment repairs
- Exhibits for publicity
- Family members’ wages
- Franchise fees
- Freelancers
- Freight or shipping costs
- Furniture or fixtures
- Gifts for customers or employees ($25 deduction limit for each)
- Group insurance (if qualifying)
- Guard dog
- Gym for employees, located onsite
- Health insurance
- Home office (see our handy article)
- Insurance premiums for credit, liability, malpractice, worker’s comp, and other insurance
- Interest
- Internet hosting and services
- Inventory
- Investment advice and fees
- Legal fees
- License fees
- Management fees
- Materials
- Maintenance
- Medical expenses (with plan)
- Mortgage interest on business property
- Moving
- Newspapers and magazines
- Office supplies and expenses
- Outside services
- Payroll processing
- Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes
- Parking and tolls
- Penalties and fines paid for late performance or nonperformance of contracts
- Pension plans
- Permits and fees
- Postage
- Profit sharing
- Publicity
- Prizes for contests
- Real estate-related expenses
- Rebates on sales
- Rent
- Research and development (we literally wrote the guide on this one!)
- Retirement plans
- Royalties
- Safe-deposit box
- Safe
- Service fees
- Software and online services
- Startup expenses
- Stereo equipment for playing background music at work
- Storage rental
- Subcontractors
- Taxes (amazingly, taxes incurred in running your business are deductible)
- Telephone
- Theft and loss
- Tips. Just because you didn’t get a receipt doesn’t mean you can’t deduct the cost, but you should document it just the same.
- Uniforms for your employees
- Utilities
- Waste removal
- Website design
- Workers’ compensation insurance
11 Deductions to Avoid All Together
- A small business loan—but you can deduct whatever you purchase with the loan
- Business attire that you can wear outside of work (ie, non-uniforms)
- Contributing your time to charity
- Membership dues, even to a professional organization
- Federal income tax payments
- Your life and disability insurance premiums if you’re a sole prop., partnership, or S Corporation
- Lobbyists
- Penalties and fines you pay as the result of breaking the law
- Political contributions
- Professional accreditation fees
- Your own salary if you’re a sole proprietor
15 Jul 2014 by
Maddie Brown the Conscious Business CPA and Virtual CFO
What is Conscious Business and a Virtual CFO?
Learning how to do Conscious Business will allow your business to grow almost effortlessly because you are growing with good intentions.
As a business owner, you have more important things to do with your time. Maddie and her team can help you no matter where you live or what hours you work, just select the package below that best fits your needs.
THE VIRTUAL CFO
As a business owner, you have more important things to do with your time. Maddie and her team can help you no matter where you live or what hours you work, just select the package below that best fits your needs.
WEBSITE:Â http://www.maddiebrown.com/
MEET MADDIE BROWN
Hello – my name is Maddie Brown and I’m a Certified Public Accountant (CPA) with 30+ years of experience working with small businesses.
I have a passion for helping entrepreneurs fulfill their dreams to create and build a successful business. My services give the tools to save time and money and reduce stress that usually comes with being self-employed.
What’s my story?
By helping business owners carry out their purpose, I fulfill mine. I quickly discovered big business wasn’t for me after I graduated from college and went to work for one of the largest public accounting firms in the country. Soon I shifted gears and worked with small businesses at local, public accounting companies. After I made a first attempt at starting my own accounting firm, I realized I didn’t have the experience yet so I went back to work in public accounting serving small businesses.
I joined the Iowa Department of Revenue as a trainer and educator. Here I taught classes for small business owners on how to properly run their businesses while being in compliance with the tax laws that overwhelmed and confused them. I had an innate ability to take the complex and bring it to an understandable and manageable level. Teaching came naturally to me and I discovered that I loved helping people!
Eventually, I was given the opportunity to purchase an accounting practice for sale near my home. I took the steps needed to buy it and pursue my dream knowing I had the experience and the drive to make it successful.
I am so grateful to be where I am today and sharing my gifts. My business makes a positive contribution to the lives of everyone associated with it; from local to virtual clients, employees and the community. I truly love what I do.
Feel free to contact me through Facebook, e-mail, or at one of the locations listed below. Better yet, contact us today!
Thank you for your time,
Maddie Brown
WEBSITE:Â http://www.maddiebrown.com/
You can also learn more about Business Education through the 21 Step Business Course offered by BRAD “MagicBrad” GUDIM at:Â Â www.MagicBradPresents.com
SEE ALSO:Â http://www.MySynergyCafe.com
12 Apr 2014 by
TaxBot APP – One Touch Tax Relief for Entrepreneurs
As an entrepreneur, how do you find tax relief in your business?
The strategy of tax relief is legal and smart business.
Learn about the Taxbot. The mobile app for small business owners that will help you lower your taxes and ensure that your records are bulletproof against an IRS audit. Also get tax tips from Sandy Botkin.
Paying taxes are a patriotic obligation, however our country was built not only off patriotism, but also capitalism, and when we are blessed with tax deductible business expenses and these deductions are within the tax laws, then it is not only legal but also smart business.
These are some of the advantages of being self-employed.
I’m not a tax professional nor do I claim to be. This is why I delegate the complex project of tax preparation to my accountant.
As always, if you have questions or need clarification on any of the information you see here in the Synergy Lifestyle Academy, please feel free to contact me.
 
