Tax-smart domestic travel: Combining business with pleasure

Tax-smart domestic travel: Combining business with pleasureSummer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you might not qualify for the write-offs you’re expecting.

The “manufacturers’ deduction” isn’t just for manufacturers

The “manufacturers’ deduction” isn’t just for manufacturersThe Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies.

Deduct all of the mileage you’re entitled to — but not more

Deduct all of the mileage you’re entitled to — but not moreRather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to deduct miles driven for other purposes, including medical, moving and charitable purposes.

Build consensus before you buy business software

12_21_16_200288348-001_BB_560x292.jpgBusiness owners get to make executive decisions. It’s one of the perks of the job. But acting unilaterally when buying business software can be a risky move. Because new technology affects the entire team, the entire team (or at least key members) should have input on the choice. And while it may be impossible to please everyone, it’s possible to come close.

Setting sail into the global marketplace

11_23_16_543988758_BB_560x292.jpgFor many of today’s companies, going global seems like a quick and trouble-free growth strategy. Technological advances and expansive supply chains make doing so easier than ever. But business owners who make this move impetuously may soon find themselves on stormy seas, taking on waves of debt and unanticipated expenses.

3 ways to get started on next year’s budget

11_09_16_BU000849_BB_560x292.jpgAs the year winds down, business owners have a lot to think about. One item that you should keep top of mind is next year’s budget. A well-conceived budget can go a long way toward keeping expenses in line and cash flow strong. The question is: Where to begin? Well, to answer this question, we don’t have just one suggestion — we have three:

Mentoring can make your succession plan better

11_02_16_476483392_BB_560x292.jpgThe owners of many companies launch their enterprises with a business plan — a written document outlining the company’s strategic objectives and practical means of accomplishing them. Likewise, many owners leave their businesses via a succession plan, a written document outlining how the company’s ownership will transition.