Tracking Your Expenses Part 1
The question we’ve been asked most frequently is “What expenses can I deduct in my business?”
You may have been told that, when you start a business, you can turn all your current expenses into business expenses. Is this true?
Stay tuned. In this module we discuss what a business expense is and who can claim it.
Tracking Your Expenses Part 2
In this continuation of our Business Expense module, we expand on the tests for what is a business expense; and we discuss how we track and claim eligible expenses.
Pay close attention to the sections on co-mingling funds and adding information to receipts.
Fixed Assets
This module is another continuation of our discussion on business expenses. Here we discuss what a fixed asset is, and how to handle the purchase and expenses for repair and maintenance.
Pay attention to the steps you need to implement in order to take advantage of the IRS de minimis tax rule.
Expenses – Vehicles
Another question we hear frequently is “How can I write off my vehicle expenses?”
In this module we talk about the pros and cons of having your company own your vehicle, and the different ways you can write off your auto expenses including mileage.
Expenses – Travel
Can you travel to fun places like Hawaii and write off your travel expenses?
Maybe. Depends why you are going and what you do when you get there. Join us to discover what you can write off.
NOTE: Since this video was recorded the tax rules have changed. Entertainment is no longer deductible unless it benefits the employees. See the new Meals and Entertainment module.
Expenses - Education
How many times have you attended a seminar and had the person on stage tell you the cost of attending is 100% deductible.
Is that true? Find out by watching this module on Education expenses.
Expenses – Hiring
In this module we discuss the rules surrounding hiring family or friends, including children.
With some of these strategies, your children can pay for their college education and your company can provide them with specialized training.
Expenses - Meals and Entertainment
The laws have changed. Can you still write off meals and entertainment as you did in the past? Watch here to find out.
Merchant Services Accounts
According to the IRS, you’re open for business when you can provide a product or service and accept payment for it. However, they don’t specify how you must accept that payment.
If you’re used to taking cash and are now faced with the prospect of signing up to accept credit cards, the process may seem a bit overwhelming.
Just the terminology alone can be confusing … shopping carts, gateways, merchant services accounts, bank accounts – all these pieces need to fit together seamlessly for a client to get their purchase and for you to get your money.
In this video Jim Anderson, CEO of Electronic Commerce International Inc. and 18 year industry veteran, will help us understand the world of credit card payments.
Understanding Financial Statements
Many business owners and entrepreneurs aren't sure what to do when it comes to finances. Sure more is better, and did you know that your bank balance is not the only (or even the best) indicator of your company's health.
Learn how to understand what those categories and numbers REALLY mean for your business and how to use the knowledge to keep track of your business and how to make it better.We have 3 separate sections to this module - pick the one that most closely represents your business model and learn more about understanding your finances.