Owning a business is the dream of many people but you certain need to be brave and willing to take chances if you're planning on turning that dream into a reality. When we look at the statistics for new businesses - considering those who chose to be a gym owner, florist, or dentist - we can easily see that the majority of new companies fail within the first year. And those that do survive usually don't turn much of a profit.
If you want your company to be one of the ones that beats the odds than you're going to need to know all of the different ways that you can save money. A great one is to take advantage of taxable expenses. There are many overhead costs that you can get tax deductions on if you're running a small business. Some apply to any company, whether you're selling art or working in landscaping, while others are specific to a certain sector. You should get to know what these deductions are so that you will know when to keep up a paper trail.
Anything and everything that you need to purchase or pay for when setting up your business is actually taxable. This ranges from the rent to the Internet service that you need to communicate to your business partners that is assisting you with finding the best employees. You can also deduct on the money that you're spending for advertising. Every company needs a marketing plan and that will usually mean paying out for things like commercials, flyers, or market research. (Learn more about marketing your new business.) You can get some of your money back at tax times when paying for all of these things.
It's likely that you're going to want to do some formal education in your field or management and business before you open your doors. You might know how to do everything for your customers at your retail shop until it comes time to do the books and want to brush up on accounting, for example. All of the classes and training that you pay for is deductible if you're self-employed. This even goes for acting classes if you're trying to make it big in Hollywood.
Even if you're setting up your new clinic down the road from your house or running your catering company from your own kitchen, starting a new business usually means doing some traveling. Your auto expenses and things like air fare and hotels can be tax deductible if the trips are work related. You can even deduct part of your business lunches if you're meeting with clients. There are all sorts of things that you can get some money back on and you should certainly take advantage if you're a small business owner.
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