Did you do any traveling in 2015 for your small business, or have a few meetings lined up for 2016 that would require you to make business-related trips? To avoid crossing the line with the IRS when it comes to deducting expenses for travel, let’s take a look at what qualifies as a travel expense deduction:
Are you approaching 2016 as a new entrepreneur with a cool start-up? Or maybe you are taking a seasoned craft or expertise to the next level and officially becoming a business owner. Either way, the preliminary stages of entrepreneurship have more to do with carving your niche and your brand, than all the money you can make in the long run.
Let’s face it, nobody goes in to business for themselves not thinking about making money, but the reality is that thinking about making money is not the same as making sense of money as it pertains to the health of your small business. Proper documenting and tracking of financial reports can be the difference in hanging a “We’re Open” sign and a “Closed for Business” sign. Here are three of the most important financial statements for small business owners:
Budgeting is a necessary evil for any small business owner – it needs to be done so that you don’t overextend yourself and put your business at risk. PayAnywhere has put together a few things for you to keep in mind as you map out your budget for the upcoming year.