W Tax & Business Consulting

Thanks for hanging in there with us. 2024 is coming with a lot of changes and I know you will be ready for then. Thank you all and I really do appreciate you!!!

Estimated taxes are due as well as S-Corps and Partnerships.  If you need help filing these, please contact us.

What are your weekly goals ?

Everything takes time be patient with yourself. Enjoy the journey and know you can achieve anything you set your mind to !

Small businesses can take advantage of various deductions to help reduce their taxable income. Some common deductions include:

1. **Business Expenses:** Deduct costs directly related to running your business, such as office supplies, rent, utilities, and insurance.

2. **Home Office Deduction:** If you use a portion of your home exclusively for business purposes, you might be able to deduct related expenses like utilities and rent/mortgage interest.

3. **Vehicle Expenses:** Deduct the cost of using a vehicle for business purposes, either using the standard mileage rate or actual expenses.

4. **Meals and Entertainment:** You can generally deduct 50% of business-related meal and entertainment expenses, as long as they are directly related to your business activities.

5. **Travel Expenses:** Deduct expenses related to business travel, including transportation, lodging, and meals.

6. **Health Insurance Premiums:** If you're self-employed, you may be able to deduct the cost of health insurance premiums for yourself and your family.

7. **Retirement Contributions:** Contributions to retirement plans like SEP-IRAs, SIMPLE IRAs, or solo 401(k)s can be deductible.

8. **Startup Costs:** Deduct certain startup expenses in your first year of business, up to a specific limit.

9. **Interest and Loan Payments:** Deduct interest paid on business loans, credit cards, and other business-related debts.

10. **Depreciation:** Deduct the cost of business assets over time through depreciation.

Consult with a tax professional or accountant who can provide personalized advice based on your business's specific situation and the tax laws applicable to your location. Keep thorough records of your expenses to ensure you can claim the deductions you're entitled to.

This week we will be focused on business plans.  As the economy change, so should your plan.  I love it when a plan comes together!!  Contact us for more information.

Happy August!!  New Month, New Goals!!
     

It’s Monday ! So that means new weekly goals !

Recently as a business owner, I felt overwhelmed and burnt out.  Not only do I wear the business owner hat, but I'm also a caregiver. 

These few tips I have listed helped me when I become overwhelmed and need some steps to come back to life.  Hope these help you !

After you have determined that you want to start a business, now you need to give yourself a goal on your launch date.  But before doing so, make sure you
Research and refine your business idea
Evaluate your target market
Develop a business plan with clear goals
Elaborate a detailed financial framework
Design an effective marketing strategy
If you need help with any of the following, please feel free to reach out to us.

Before leaping and starting a new venture, ask yourself these questions.  The one that you should pay more attention to is #4.  Everyone I know that started a business was not mentally prepared with all the long, moneyless, nights.  If you want to start a business and have questions, feel free to reach out to us.

Happy Monday ! What are your weekly goals ?

Time management empowers entrepreneurs to make the most of their limited time and resources. It enables them to be more productive, meet deadlines, reduce stress, and make strategic decisions that contribute to the success and growth of their business. Use these suggestions to help you become efficient and productive.