Can You Claim Expenses Before A Business Starts?

Glasses on a business expense claim form

When starting a new business most startup founders have to spend a large amount of their own personal money to start the business. While that may be stressful there is good news, you can now take a start up deduction to limit your tax bill. Here’s how:

What Can I Write Off As a Startup Founder?

Once you launch your business the cost of all business expenses become deductible. These business startup costs are capital expenses. These are the costs that you incur to get an asset (a business) that will benefit you for more than one year.

In most cases you are unable to deduct expenses unless you sell or dispose of the business; however, there is a tax rule that will allow you to deduct up to $5,000 in start up expenses a year then after that you can deduct the remainder over the course of 15 years.

Here are examples of start up costs you can write off:

  • Legal and accounting fees
  • Licenses, permit, and other fees
  • The cost of investigating what it would take to create a successful
    business, including research on potential markets or products
  • Advertising costs, including advertising for your business opening and creating a business website
  • Office rent and utilities paid before the business begins operating
  • Rental of business equipment such as computers and office supplies
  • Costs for employee training before the business opens, and
  • Expenses related to obtaining financing, suppliers, customers, or

Can A Small Business Deduct The Cost Of A Computer?

Yes and no which means it depends on the situation. If you purchase a computer for your business and you use that computer exclusively for your business you can deduct the entire cost. If you use it for more than half of the time for your business you can also deduct the cost.

Additionally, you have to take into consideration your personal time. If you use a computer only 60 percent of the time, you can only deduct 60 percent of the expense.

Are There Exceptions to Start Up Cost Deduction?

There are exceptions to start up cost deduction because some costs related to opening a business may not be considered a start up expenses.  A few of these exceptions could include the following:

  • Inventory
  • Mile Tracking
  • Long-Term Assets
  • Research and Development Costs
  • Organizational Costs

When Can You Deduct Business Startup Costs?

Expenses that began as start up expenses are now operating expenses once your business fully launches. An example of this could include supplies such as paper, pens, printers, computers, etc.  These operating costs are the things that keep your business going on a day to day basis.

For Tax Purposes, When Does My New Business Begin?

Many people often ask when does your new business begin and according to tax purposes the IRS says that a venture becomes a business once it acquires all the assets necessary to perform its intended functions. You must also put those assets to work. The moment you start doing business is when you start doing business even if you aren’t yet earning money.

For example, If you have business that provides therapy to customer or clients your business begins when you first take the initiative to offer your services to other people. According to the IRS nobody has to hire you before you can become a full business you just have prove you are available to be hired.

In what ways can you claim expenses before a business starts? We’re always open to new thoughts, leave your comments below.

Small Business Coaching: Tax Basics

small business person accounting their taxes

The best and worst thing about running a small business is that you’re responsible for everything. While there’s a certain freedom that comes with this, there’s also an often overwhelming level of responsibility. Everything from finances, to staffing, to advertising, will fall squarely on your shoulders. You’ll have to be willing to accept the many challenges that come with running your own small business. For entrepreneurs all over America, these challenges are well worth the rewards that come with being your own boss. However, what many small business owners continue to be daunted by is the prospect of handling their company’s taxes. Needless to say, dealing with taxes for a business is a lot more complicated than just filing your personal taxes! We’re here with some of the tax basics for small business to make the task a little bit less stressful.

What Do I Have To Pay? 

Businesses have to pay a variety of taxes, rather than a simple blanket income tax. You’ll be taxed on a variety of aspects of your company; for example, you’ll have to pay unemployment taxes if you have hired people to work for your small business. If you are selling items, such as through a storefront, you’ll also need to calculate the sales tax that you owe. Payroll taxes, Social Security, and Medicare (FICA) will also be required.

In addition to these, there are a few other forms you’ll need to file for your business. First, you’ll want to fill out an SS-4 form to receive an Employer Identification Number, or EIN. You’ll use this number on most of the other forms that you fill out. You’ll fill out a Form 1040-ES to calculate your income tax, form 940 for Federal Unemployment Tax, and you’ll be required to withhold federal income taxes from the wages of your employees.

Who Are My Employees? 

Sometimes, there’s confusion as to who exactly the “employees” of a business are. The rules are different depending on if you have full fledged, W2 employees, or contractors that require a 1099 form. Each employee of your business will be required to fill out a W4 form, informing the IRS of their withholding allowances, any exemptions, and their marital status. You’ll be required to withhold their federal income taxes and pay into Social Security and Medicare. For non-employees who are being paid by your company, including independent contractors, freelancers, and consultants, you’ll have to send them IRS Form 1099 if they made more than $600 from you in any given year. In this case, you’re not required to withhold anything and the contractors themselves will have to report their own income. But how do you tell whether someone working for you is, legally speaking, an employee or a contractor? Usually, an employee is someone who is specially trained to work for your company, on your job site, and regularly receives direction from you. If they receive benefits from your company, then in the vast majority of cases they’ll be considered a W2 employee and not an independent contractor.


Another common question is that of deductions. What, exactly, can you deduct? What even is a deduction? Well, if you write an expense off, you’re subtracting it from your total taxable income, meaning you owe the IRS less. Which costs and expenses can be written off on your taxes, and which cannot? Usually, you can deduct any business expenses that come up. What exactly constitutes a “business expense” is pretty broad; travel, equipment, raw materials, and legal fees can all be written off. However, it’s not quite as simple as simply deducting the cost of whatever you spend. You’ll usually only be able to deduct up to $5,000 in the first year for each of your startup cost. Any remaining cost will have to be paid off over the following years. We highly recommend seeking the help of a tax professional if you have complex expenses that you have questions about.

Getting Further Help

Seeking the help of a professional tax adviser is highly recommended to maximize your deductions and minimize the amount you owe, especially when you’re just starting out. A professional tax adviser will make use of the most up-to-date software, be aware of the latest laws and regulations, and be able to make educated, professional recommendations regarding your company. This will leave you free to make other critical business decisions, without spending a lot of manpower stressing over your taxes.

Process Payroll Quickly And Efficiently

Hand Writing Payroll With Blue Pen On Glass For Huddleston Tax CPAs Blog

Many businesses, in particular small businesses, waste a lot of valuable company resources as a result of mismanaged payroll. For anyone used to navigating the ins and outs of payroll, it’s not hard to understand why it can be such a challenge. However, it doesn’t have to be; an efficient, quick payroll system is certainly possible for a business of any size. Actually, it’s not only possible – it’s critical. An improperly managed payroll system can be a woeful drain on your company’s resources, in terms of both time and money. With that in mind, here are a few tips on how to process payroll quickly and efficiently:

Go Digital

In today’s modern, hi-tech world, one of the quickest and simplest ways to streamline your payroll is to simply go paperless. Paper timecards, paychecks, and pay stubs all cost money and have to be kept track of, costing time. It’s not just the cost of paper that you’ll save on; equipment such as printers, photocopiers and scanners are all expensive and you’ll be able to reduce that cost as well. Going paperless is a relatively simple process. The majority of workers you employ today will own smartphones; they can use these to clock in and out and keep track of their hours; just one example of a way you can start digitizing your payroll system. Keeping all of your financial information on paper is also a potential security risk that you can help to eliminate by switching to digital. Digitize as much of your payroll process as you can to save money, improve efficiency, and reduce waste.

Use The Most Up-To-Date Software

Whether you’ve already gone fully paperless, or are in the process of doing so, your payroll software should always be fully up-to-date. Whenever upgrades become available, you should take advantage of them in order to keep your payroll quick, efficient, and inexpensive. As your company grows, you’ll need to ensure your software keeps up; for example, you may need a program that can automatically generate 1099 forms if you employ independent contractors. The right program can do pretty much anything you’ll need; for example, many of them can streamline your HR and handle your taxes as well.

Keep Yourself, And Your Staff, Informed

Keeping yourself and your workforce properly informed is another critical step in the process of streamlining your payroll. It’s not enough to train your workforce once and decide that’s enough; as your business grows, your needs evolve, laws change, and technology improves, you’ll need to continuously update your staff. Occasionally, this will mean bringing in professionals to hold formal companywide trainings; sometimes, it will simply mean required reading material or training videos. Either way, keeping everyone in your company informed of all updates and changes is a must to maintain a quick payroll process.

Outsource, If Necessary

While following the advice given in this article will help you save a great deal of time and money, it’s also a lot for a small business owner to have to keep in mind. In many cases, you may be better off if you choose to outsource your payroll. A reputable payroll company can handle nearly everything for you. They’ll keep track of your staff and make sure they’re paid correctly and on time. They’ll also always have access to the latest software and be educated on the latest legislation regarding payroll in your state. When it comes to compensating your workers, one of the biggest challenges is the proper handling of payroll taxes. Outsourcing means that your taxes will be in the hands of educated professionals. Of course, choosing the right company to handle your payroll isn’t always easy. Make sure that you carefully vet any potential firms you are considering. Read reviews, check references, and don’t be afraid to ask questions! If you’re unsure of anything, a great payroll company will be able to put your mind at ease.






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Tips To Finding A Good Tax Adviser

Cartoon Man At Crossway With Three Arrows Pointing In Different Directions for Huddleston Tax CPAs Blog About Finding A Good Tax Advisor


No matter what your tax situation, tax season can be a huge headache. The more complex your financial situation is, the more difficult filing your taxes can be. This can be doubly true if you’re a business owner; trying to handle all of the credits, deductions, and various incomes for a business can be absolutely overwhelming. One of the ways you can take charge of your tax situation is to hire a tax adviser. However, there are many tax advisers out there and many of them aren’t exactly reputable. This article will offer a few tips for finding a good tax adviser for yourself or your business.


What Will A Good Tax Adviser Do For Me?

 Before we get too deep into offering advice, we should define what exactly it is that a tax adviser does. A tax adviser – a good tax adviser, anyway – is someone highly educated in local and federal tax laws, preferably a credentialed CPA, who will file your taxes for you and minimize your risk of audit. While there are many people, in a variety of professions, who can bring a lot of tax knowledge to the table, you should look for someone with one or more certifications. The first thing you should look for is a Preparer Tax Identification Number, or PTIN. Anyone who prepares tax returns professionally is required by the IRS to have a PTIN, so this the most basic requirement when looking for a tax adviser. You’ll want someone who has more than just this, however; find a professional who is credentialed in some way. While a CPA is the best option, an enrolled agent or licensed attorney can also be good options. 


Do I Need One?

 Whether you need a tax advisor or not largely depends on how complex your taxes are. If you are simply filling out a 1040EZ form, chances are you can handle it on your own pretty easily. However, if it gets much more complicated than that, you will probably benefit from making use of a tax adviser. If you’re in business for yourself, it gets more and more critical that you make use of a professional to file your taxes. Whether you own a business, are self-employed, or own property that you rent out to paying customers, your tax situation can veer towards the confusing and having your taxes filed professionally can decrease your audit risk significantly.


How Much Will It Cost?

 There are a lot of untrustworthy people out there claiming to be tax advisers, while in fact they’re scam artists trying to swindle you out of your money and perhaps even make off with your tax refund. You’ll have to be cautious when looking for a tax adviser; one of the things that you should keep an eye on when looking for someone to prepare your taxes is the fee. A professional CPA will usually charge an hourly rate; if a so-called “tax adviser” wants to charge you a flat rate, or take a cut of your refund, then there’s a good chance it’s a scam.


How Do I Find The Best Tax Adviser Out There For My Money?

 Even after you filter through all of the tax advisers that are obviously scams, you’ll still be left with a lot of people claiming that they’ll do the best job handling your taxes. Choosing the best one involves a little research, and a willingness to vet anyone you’re considering. First, look for someone who specializes in your specific needs; for example, if you’re a business owner, you’ll want to find someone who is an expert in business tax. When you find someone who has the proper credentials, make sure you read reviews online and check their references. Finding out if your prospective tax adviser has a lot of other satisfied customers will go a long way toward your own peace of mind. Make sure whoever you choose is well versed in all of the IRS laws when it comes to filing; for example, they have to provide their PTIN number when they file your taxes. They should also e-file when they submit your return; not only should this be expected of any reputable tax prep company working in the modern day, it’s also IRS law for any preparer that files more than 10 returns and receives compensation for their work.



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The Benefits of Outsourcing Payroll

Man buried under his payroll paperwork for his small business

Once you go into business for yourself, you discover just how much effort is involved in creating a small business. It can truly be overwhelming at times! From staffing, to equipment purchases, to taxes, there’s no shortage of headaches for a business owner to deal with. That’s why more and more business owners are choosing to outsource where they can. One of the ways you can save yourself a great deal of time, effort and money is by outsourcing payroll. Here are a few of the benefits of doing so:

You’ll save time – and time is money!

When you decided to start a business, chances are it wasn’t because you enjoyed poring over mounds of paperwork for hours on end. Nevertheless, that’s just what you may find yourself doing when trying to work out the finer details of your payroll. While it may have started off simple enough, as your business grew and expanded the payroll became more and more complicated. Every moment you spend ironing out the details of payroll is a moment you can’t devote to other business matters. Not only is this inconvenient for you, it can become downright costly. After all, your time is valuable! Any time you, or one of your valued employees, spends working on payroll is time you can’t devote to bringing more money in.

You’ll reduce errors – and save money that way, too!

Errors in your payroll can prove to be costly for your business. As you know, it’s not as simple as just paying your staff. There’s insurance, taxes (both state and federal) and a bevy of other financial considerations. If you make a mistake somewhere along the way, chances are you will shoulder a serious financial penalty as a result. For example, if you don’t calculate your taxes correctly, or if you are late on a payment, you can get hit with a fine. The easiest way to avoid all this hassle is by outsourcing payroll; put your finances in the hands of seasoned professionals and you’ll greatly reduce the chances of costly mistakes.

You’ll be a lot more adaptable

Part of what makes payroll so complex is its ever-changing nature. Tax laws are always in flux and your staffing needs are always changing too. Some weeks, your part-time employees will work many more hours than others; with every change, you’ll find yourself starting from scratch. A professional payroll service will not face this problem. They are constantly being trained in the latest changes to tax law and they’re also trained to handle a varying level of employee hours. Ensure your company can weather the ever changing business climate by outsourcing payroll.

A payroll service handles more than just paychecks

If you outsource to a reliable payroll company, they’ll do a lot more than just issue your company’s paychecks. Not only can they calculate the amount of money owed to each employee, they can also work out tax obligations for each individual. They’ll allow employees to designate a certain amount of each paycheck to a 401(k), should they wish to do so. A payroll service will also calculate how much your company owes in payroll taxes.

Outsourcing payroll

If, after reading this article, you are considering outsourcing payroll, we think that’s a great step to take for your business! Make sure you do the necessary research and contact any potential companies you are considering using. There are a few questions you should always ask. What is the cost of the service? What services will you get for that cost? How are taxes handled? Make sure to contact a few references, as well. Check to see if the service is reliable and if previous customers have been satisfied.

9 Reasons To Outsource Your Accounting Department

notepad saying your should outsource accounting vs hire

As an entrepreneur, you’re always looking for ways to cut costs and increase profits for your business. No doubt you have learned that managing a small business can be a real headache, with many challenges – some expected, some unexpected! – and you want to get a leg up whenever you can. One way you can do this is by looking for accounting services for small businesses. While you may think that outsourcing your accounting department will end up costing you more money, this doesn’t necessarily have to be the case. In fact, outsourcing can be a great way to save your small business time, money, and bring in extra profits. Here are 9 of our top reasons to outsource your accounting department:

1. You’ll Save Money on Training Costs

One of the biggest expenses incurred by any business is the cost of training; getting your employees familiar with all of their responsibilities, as well as software and other equipment, takes time and money. By hiring an accounting service for your small business, your accountants will come pre-trained and armed with expert knowledge.

2. You’ll Benefit from the Services of a Team of Experts

If you hire an in-house accountant, no matter how good they may be, they will still only be one person. A professional accounting firm will bring years of experience to bear, from a team of seasoned professionals; having extra sets of eyes studying your finances will also reduce the incidence of error, greatly improving your peace of mind.

3. You’ll Save on Software Costs

Another expense that many small business owners grit their teeth and pay for is the cost of the newest technology; after all, it’s important to always have access to the latest software, whether it be QuickBooks or other programs. Hiring an accounting service for your small business will save you from expensive yearly updates; they will always have access to the latest technology.

4. You’ll Free Up Time for Other Projects

The old saying, “time is money,” is an absolute truth – any time you spend trying to figure out your finances is time you can’t spend doing other crucial tasks. If you’re constantly poring over QuickBooks trying to keep track of every dime that comes in and out, you will have a lot less time to handle the other daily aspects of running a business. By outsourcing, you’ll have a lot more time to do those important jobs.

5. You’ll Reduce the Risk of Financial Problems

There are a lot of potential financial problems that can plague a small company. Everything from tax audits to theft can severely impact your bottom line. By having a team of professional accountants keeping track of your money, you will rest easy with the knowledge that your finances are being handled by an impartial group who won’t allow anything to get by them – or you.

6. You’ll Be Able to Make Better Financial Decisions

With a professional team of accountants handling your money, you’ll have access to whatever financial information you need at any time. You will never be unclear on exactly where your business is in terms of income and expenses, allowing you to be better informed when it comes to staffing, equipment purchases, and other major decisions for your company.

7. You Can Change with the Times

Accounting, like anything else, changes with the times and by hiring an accounting firm, you’ll be able to stay up to date. If you have an in house accountant, or handle your finances yourself, you will likely be stuck with the information you had when you were originally trained. By outsourcing, you’ll be able to always have the latest in information, technology, and fraud prevention techniques.

8. Outsourcing Even Helps the Environment

For many businesses, going green is another great benefit of outsourcing your accounting firm. Hiring a professional accounting firm will save you a lot of money on disposables such as paper, printer ink, and other sundry costs. It will also reduce your carbon footprint and benefit the environment.

9. You’ll Be Able to Grow Your Business

By outsourcing to an accounting company for your small business, you’ll be able to upgrade easily once your income increases. Many business owners find themselves defeated by their own success, as your business becoming more popular and busy can leave you and your employees overwhelmed. With an accounting firm, you’ll be able to meticulously track the growth of your business, and adapt as needed. Best of luck in your business ventures!

Deductible Expenses For Real Estate Agents

A real estate agent filling out their deductions with a calculator next to their hand and with tax season in blue font


As yet another tax season rolls around, and people everywhere are scrambling to save as much money as possible by maximizing their deductions. This can be a real headache if you’re in real estate, since it’s a complex line of work with a wide array of different expenses, some of which are deductible and some of which are not. Which items you can and cannot write off depends on many factors, including the size of your business, your office, your vehicle, and other things. Here are a few of the most popular legal deductions for real estate agents:

Your Home Office

If you work from home, you might be eligible to deduct the cost of a home office. As long as you have an area of your home specifically dedicated to work, you should be able to subtract its cost from your yearly taxes. This applies even if you also make use of your broker’s office space. There are several rules, however; to deduct the cost of a space, for example, it must be your primary workspace and it must not be used for other things. You can’t deduct your bedroom just because you have a computer there that you occasionally use for work; you would have to use the computer solely for your real estate job and you would only be able to deduct the cost of the square footage of the area you are employing.

Your Vehicle Mileage

Of course, you will be expected to travel quite a bit as a real estate agent, especially during your busiest times. The more work you are getting, the more you’ll have to drive, and the cost of gas and wear and tear on your car can really rack up. Fortunately, if you keep a detailed log of your mileage, you will be able to deduct the travel that you do for work. The IRS has a standard rate for miles traveled; it could potentially add up to quite a bit if you’re traveling a lot for work. Keeping track of your mileage is no longer the slog that it once was, either; you can simply use an app on your phone to maintain a detailed record of everywhere you went for work. It’s potentially also possible to deduct the cost of leasing a car, or even to deduct the depreciation of a new car; both of these are viable options, as a successful real estate agent shouldn’t be seen driving around in a clunker!

Other Travel Expenses

Occasionally, you will have to travel for work for meetings, seminars, and other crucial business ventures. In most cases, you can deduct the cost of travelling, including hotel fees, airline tickets, and other sundry costs. Meals such as business lunches are 50 percent deductible too, so make sure you keep a detailed record anytime you take a client to a restaurant or cater an open house.

Your Office Supplies

Most of what you use in your office can be deducted as well. This ranges from little things that add up over time – such as stationary and photocopies – to larger expenses such as furniture. If you purchase a new desk, for example, you may be able to deduct the full amount. If you made such a purchase a few years ago, you might still be able to deduct the cost, minus a few years of depreciation. If you use your cell phone for work, you can deduct a certain amount of your payments as well. Or you may have a work phone that you use only for business; in that case, you can deduct the full amount (this also applies to a landline to your office).

Your Realtor’s License

As a real estate agent, you have certain fees that you must pay annually, many of which are deductible. For example, you can deduct the cost of renewing your state license each year; you can also deduct the cost of your business insurance and your Errors and Omissions insurance. There are other potentially deductible costs as well, such as membership dues, and certain other real estate taxes. Self-employment taxes, however, are not deductible.

Retirement Plan Contributions

Of course, just as anyone in any line of work should, a real estate agent should make regular contributions to a retirement plan. Often, you can make deductions based on how much you are contributing to a retirement plan; for example, the limit for a standard IRA is 12.5%.


Top Tax Write Offs For Small Businesses

Chalk board featuring taxes, USD symbol, and piggy bank full of money indicating tax savings and write offs

Every small business owner knows that, come tax time, there are ways to save a fortune in taxes if you are clever. Looking for the right tax write offs for small business owners, however, can be a bit of a challenge and we’re here to help point you in the right direction. Here are a few of the top tax write offs for small businesses:

Travel Costs

If you have to travel for your business, you can almost always write it off as long as it’s distance travel. Local commuting, such as driving from your home to your office, generally doesn’t apply. However, other types of travel might, such as the costs of delivering items locally. But if you have to send someone from your business to a meeting across the country, the cost of your plane ride and hotel stay is almost certainly deductible. To find out whether or not your travel expenses can be deducted, read IRS Publication 463 in full. Make sure you keep a thorough documentation of all of your business expenses, such as mileage and airline receipts.


Any money you spend on utilities for your business is deductible. For small business owners, however, this can enter a bit of a grey area as you strive to answer the question of where your personal costs end and your business costs begin. For example, let’s say you work from home and have a landline to receive calls on. Is your phone bill then deductible if you take business calls? If you have only one landline, the answer is no. However, if you set up a second one solely for business purposes, you will be able to deduct the cost of that phone bill. Similarly, if you have a cellphone you use only for business purposes, you will probably be able to deduct it from your taxes.

Home Office

If you work from home, you might have a home office set up in one of the rooms. You can deduct the cost of anything in your home that is devoted solely to your business. This means that if you have a workstation in your bedroom, you cannot deduct the entire cost of your bedroom, but you can measure out the space around your desk and deduct the cost of your mortgage and insurance from that area only. You will have to divide the square footage of that space by the cost of your home to discover the exact amount.

Contract Labor

Often, small business owners don’t keep employees on staff for necessary labor, and simply hire contractors when labor needs to be done. Keep a thorough record of any contractors you employ, because the money you spend on them is usually deductible. If you pay any contractor more than $600 throughout the tax year, make sure they are given form 1099-MISC.


If you are self-employed, you are probably paying for all of your own health insurance costs. This can set you back quite a bit, but the good news is that it’s a tax write-off. If you are eligible for insurance from other sources, however, you will not be able to insure yourself and deduct it. Similarly, if your insurance costs add up to more than the net profit of your small business, you will not be able to write them off.


Business meals are 50% deductible, which means wherever you end up eating you will still pay half! Keep this in mind if you are trying to save money while also wining and dining prospective clients. Check IRS Publication 463 to see how to substantiate the expenses of meals; you will not be able to claim any deductions if you don’t.

Small Business Coaching: Getting Your Startup Started

Green monopoly house game pieces representing starting a small business

You have long dreamt about starting your own small business and, now, you’ve finally got the ball rolling! You have a great idea, and you’ve taken out a startup loan and are now working furiously to make your business a reality. But if a great idea, a little money and a willingness to work hard were all it took to start a successful small business, everyone would be doing it. The fact of the matter is, only about half of small businesses survive for five years! Many people look back on their attempts to start and run a business and wish they’d had more knowledge at the beginning. One way to help navigate the complex world of business is with the help of a small business coach. Here’s what you need to know about hiring one:

What Does A Business Coach Do?

Simply put, a business coach will help you get your business where you want it to be. If you are just starting out, this type of help can be invaluable as you will get assistance with every step of the process. Your business doesn’t necessarily have to be in its infancy to benefit from the help of a coach, either: you can simply be looking to grow an established business or expand into new territories. No matter where you are in your journey as a small business owner, small business coaching can help you reach your goals more quickly.

What Kind Of Coach Do I Need?

Depending on what needs you specifically have, there are many types of coaches out there that can assist you. Perhaps you run a brick-and-mortar shop and are looking into expanding into the online world; a social media coach can help you build your internet presence. On the other hand, perhaps you have been selling your wares online but have the goal of finally opening a physical storefront; a brick-and-mortar coach can help you achieve this goal. With the right coach, you can receive assistance in every aspect of running a business.

How Much Does A Business Coach Cost?

As any prudent business owner should be, you are most likely concerned with the costs of running a business and may worry about how much hiring a coach will set you back. This is a valid concern but beyond the scope of this article since prices vary so widely. Many coaches charge an hourly rate, which can be anywhere from $200 to over $600 depending on their experience and reputation. Others will look to sell you a package at a flat rate; this can include a number of hours of in-person or Skype sessions as well as work you can do on your own. As a general rule, small business coaching shouldn’t break the bank but should be enough of an investment that you take it seriously.

How Do I Find A Great Coach?

When you’re on the lookout for a great small business coach, there are a number of things you should keep an eye out for. As we’ve already mentioned, the costs and the specific type of coaching you need should be high up on your list; you will also want to thoroughly research any small business coach you are considering hiring. Ask for references and don’t be afraid to check them. Talk to other small business owners who have secured the services of the coach you are considering. You want a coach that will keep you accountable, holding you to any commitments you make. You will also want someone who will be honest with you! A good coach will always be positive, but not be afraid to tell you if you are potentially

making mistakes with regards to the direction of your business. Good luck with your search and with your business endeavors!

Cut Costs With A Business Accountant

Small business owner filing 1040 tax paperwork with money saved lining the side

Going into business for yourself can be a lucrative and rewarding venture. However, as anyone who has run a small business knows, it can also be costly. Running a small business comes with a wide array of expenses, not the least of which come from managing the finances. While you may believe that you can save by handling the money yourself, what this will really end up doing is taking up a large amount of your time that could be better spent handling other aspects of your business operations. The more time you spend trying to handle your company’s finances, the less time you can spend on other things; your time is valuable, and you’re trying to cut costs!

Once you are close to having your business up and running, it’s time to consider hiring a small business accountant. Many business owners balk at this idea, due to the fact that hiring an accountant seems like a costly step that they can avoid. However, if you take a step back and look at the grand scheme of things, you’ll find that securing the services of a small business accountant can actually save you quite a bit.
Here are a few ways you’ll save your business money by hiring an accountant:

When Starting The Business

A small business accountant can start saving you money right from the very beginning. One thing you’ll need to consider is your business structure. Will your business be best served by filing for sole proprietorship? Or are you looking for a partnership, or even to start a corporation? Choosing the right business structure for your particular line of work can be critical to saving money in the long run, and a qualified accountant can help you with this.

Once your business gets going, you will of course need to start a business bank account. As with choosing a business structure, you’ll have several options to choose from and your company’s financial future could be at stake. A credible, experienced accountant can give you a lot of help in this area.

Once Your Business Is Up and Running

After your small business accountant has helped you get your business up and running, it’s time to start thinking about managing the day to day finances. Choosing the right finance software can save you a lot of headaches when it comes to keeping track of your income and expenses; this is another thing your accountant can help you with. They can also help train you how to file taxes properly; for example, if your business makes use of independent contractors (as opposed to full on employees), they will need to be classified as such with the IRS. Having a qualified small business accountant can make tax season much less of a nightmare, and help you save money on unnecessary tax expenditures!

As Your Business Grows

Eventually, when all of your hard work pays off and your business begins to grow, you will still find yourself saving money with the help of a small business accountant. If your goal is to reach a certain amount of growth for the year, you will need to budget for that and your accountant will be there to help you create that budget. As your business grows, your costs will go up as you find yourself needing to hire more employees and buy or lease more equipment. Once again, a qualified accountant can be invaluable during this process, helping you to avoid spending any money that you don’t need to.

Hiring an Accountant

With all of the benefits that come along with hiring a small business accountant, now is a great time to start looking for one! Choosing the right accountant, however, can be the true challenge. You will want to vet any potential candidates carefully, making sure they have plenty of experience and all of the proper certifications for your area. Don’t forget to ask for references; you will want to speak to other small business owners who have successfully made use of your potential accountant’s services. Good luck with your future business endeavors!