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Small Business Tax Deductions by Janet Attard Other than a few supplies, what expenses do small service businesses have? Service businesses normally don't have to spend large sums to purchase production materials or inventory, but they can have fairly significant daily operating expenses. Even a one-person service business is likely to have many of the following expenses:1. Purchase price and maintenance cost of a computer, photocopier, printers, cameras, tools, answering machine, fax, or other equipment. 2. Telephone and usage charges. 3. Upgrades to equipment and additional computer software needed to meet customer requirements. 4. Business stationary (business cards, letterhead, envelopes). 5. Supplies, such as notepads, computer diskettes, file folders, printer ribbons, toner cartridges, mailing labels, photocopy supplies, film, art supplies, etc. 6. File cabinets, desks, chairs, bookcases, and other office furniture. 7. Costs of trade magazine subscriptions. 8. Cost of membership professional associations. 9. Client entertainment costs. 10. Sales & Marketing literature preparation and printing. 11. Postage and/or expense mail and delivery services. 12. Appropriate business insurance (fire & theft, personal liability, errors & omissions and, if you have employees, state compensation insurance). 13. Your salary (as the owner). 14. Cost of benefits you'd get as an employee (Health and disability insurance, pension plan, etc.). 15. Federal, state and city income taxes. 16. Self-employment taxes. 17. Cost of legal, accounting, and other professional services. 18. No billable time (administration type tasks). Also, note that this list should be a guide to create tax deductible items each year on your IRS Schedule C statements. Go read more Business Tips here >> Shop The Market Place here >> 2 Ways to use your Business Cards Successfully by Ron E. Gielgun 1. Make your business card unique and graphically appealing Once in a while, even the most untidy of business people will sort through their various business cards accumulated and throw away the least important ones. However, interesting or unusual business cards may be allowed to remain regardless of their immediate importance. To make sure your cards survive this selection process, make them unique and graphically appealing. > Choose an intriguing color scheme > Have important or useful data printed on the back > Use holograms and optical illusions > Use translucent plastic instead of paper If your card looks expensive, it will be harder for your prospects to dispose of it. 2. Your business card must be worth money to prospects Prospects will not throw away your business cards if they are worth something to them. Useful information printed on the back of the business card might help. To do this, contact > Local restaurants > Barber shops > Pizza parlors > Photos > Fast food chains Get them to give anyone presenting your business card a discount on their products or services. They will not be doing you any favors by agreeing - it is you who will be giving them free publicity and who will be referring new customers to them. In return, your card will become a discount card that is not only worth saving, but that your prospects will want to carry with them at all times. Have the business card made with durable material (e.g. plastic). |
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