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Money Matters

Running a small business can sometimes be overwhelming when it comes to money, retirement, and taxes. Here are a few tips on managing your business in the smart business way!
 
Retirement Plan
Most people that run at home businesses, seem to neglect a retirement plan. Yet, they will become  very important when the business is ready to close down. These will become vital for the business owner for their lives after the business life!
The most common retirement plan for a small business  is a Simplified Employee Pension. These plans can be ideal for small businesses, sub contractors and consultants. A SEP is essentially a form of IRA since you, as the employer, would make contributions to your own IRA. The contributions are discretionary, that is, you are not required to fund the IRAs each year. You can decide whether to fund the SEP from year to year depending on the profitability of your business. This is something that every small business should invest in!
Several lenders offer SEP's. Do your research and find out if a SEP is right for you and your business.
 
Tax Advantages For Businesses
Every year at tax time, we get tons of emails from direct sales consultants asking what exactly can a small business use as a tax deduction. Here are several things a small business can deduct from the earned income.
 
Business Supplies- ( receipts needed)
Mailing Supplies-(postage, stamps, etc.) (save receipts)
An Extra Phone Line- Any phone line used for business use.
Computer Purchases- If you have purchased a new computer for business use.
Home Offices- If you have a room in your home, that is used as an office.
Miles Traveled- If you do any traveling at all, keep track of miles every time you go anywhere business related.
Gifts- Gifts given to hostesses can be wrote off. These are a business expense.
Company Charges- If you are a consultant and your company charges ordering fees or anything of that nature, save all receipts, as these are also deductions.
Inventory- Any inventory you have purchased and not sold.
There are many many more. For more info on what is a deduction, visit the IRS's website.
 
 
 
 
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