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Tax Credit for Sending Your Child to Camp

You may be able to claim the child and dependent care tax credit if you pay expenses for the care of your under-age-13 child or another qualifying person to enable you (and your spouse, if filing a joint return) to work or look for work. Child and Dependent Care Tax Credit The tax credit is a percentage of the work-related expenses you paid during the year for the care of a qualifying person. Qualifying persons include dependent children under age 13. Physically or mentally incapable persons Read more [...]
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Heavy Vehicle + Deductible Home Office = Major Tax Savings

You can reap major tax deductions with the heavy vehicle and home-office combo. The heavy vehicle produces quick tax savings. The home office that qualifies as a principal office eliminates commuting miles, and such an elimination can dramatically increase your business-use percentage of vehicles. Tax Deductions For example, say you bought a $50,000 vehicle that you use 60 percent for business. Your depreciation and expensing elections apply to $30,000. But if you can increase your business Read more [...]
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Spice Up Your Marketing with Storytelling

One of the ways to impact your marketing is by adding stories. Everyone loves a story, and stories are more memorable compared to almost any marketing copy. Here are a couple of tips on how to use and place stories to share with prospects and customers. What a Story Is All stories need to be personal and evoke an emotional response. They can be about the company, the employees, the founder, the customers, or each individual product. Many stories revolve around why the company was started. Others Read more [...]
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Tax Tip: Five Facts about Charitable Contributions

With the holidays around the corner, many people will be making donations to benefit charitable organizations. However, come tax time, the person who made the donation might also benefit. That’s because taxpayers who donate to a charity may be able to claim a deduction for the donation on their federal tax return. Here are five facts about charitable donations: Qualified Charities A taxpayer must donate to a qualified charity to deduct their contributions. Gifts to individuals, political Read more [...]
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The Perfect Chart of Accounts for Your Business

Your "Chart of Accounts" is the list of accounts in your accounting software.  The accounts are listed in your reports, and the totals allow you to determine how much you’ve spent, made, own, or owe depending on the type of account. It’s essential to create a list of accounts that you need in order to make better business decisions.  Your chart of accounts needs to be designed intentionally.  If it hasn’t been, it’s never too late. Two Types of Accounts There are two major types of Read more [...]