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Business travel expenses: How they work under the new tax laws

With the recent changes in the tax codes, we've had questions from many business owners concerned about which expenses can still be written off and in what fashion. One area of particular interest is how these changes are impacting travel and entertainment expenses. Here's a quick look at how the changes in tax laws impact how you deduct business travel expenses. Let's start by looking at what's staying the same in business travel expenses. Even with the new tax laws, you can still deduct up to 50% of employee travel meals. Until 2025, you can still deduct 50% of meals that are provided for the convenience of employees, with the new tax laws doing away with the option of deducting 100% of th

Should you use a standard calendar year for your business?

Every once in a while, you hear about different calendars that are used for specific entities. The federal government runs from October to September. Many companies operate from July until June. But why are these fiscal years different than the standard calendar year? Why do some entities decide to operate using a different fiscal calendar, and should you do the same for your business? Here are some examples of situations where you should consider what type of calendar to use for your company's fiscal year. First and foremost, your business organization will determine how easily you can choose to use a different fiscal year. Businesses that are not considered separate from their owners, such

Return on Investment: What it Means for Your Business

When it comes to running a business, there are all kinds of terms you'll hear thrown about that you've never really considered before. One of the most common terms is return on investment, or ROI. But how do you explain what kind of ROI your business has if you don't understand the term itself? Here's a quick primer to help get you started with this basic business concept. In its most basic sense, return on investment is a ration that shows how profitable a business, strategy or asset is compared to the cost needed to make it happen. It works out in a formula something like this to create a percentage: Return on Investment = (profit from investment - cost of investment) / cost of investment

Focus on the Founder: Nate Salah, MBA

At AccountRely, we always work hard to provide you with the best possible information and services to meet your accounting and business services needs. But how did we get started, what's formed that personal touch to help your company excel and who's driving our company forward? Here's a quick look at Nate Salah, AccountRely's and the Tax Center's founder. Nate Salah has been an active professional in the tax accounting field since 1993. Growing up in a family of entrepreneurs and business professionals, he's worked in a wide range of industries, including real estate, lending, construction, retail, digital marketing and consumer technology. He's also an Adjunct Professor of Business Policy

5 Top Business Productivity Apps

With the prevalence of smartphones and tablets today, odds are that you use mobile devices for any number of important tasks to help keep you organized. But what about your business? There are a wide range of apps available today to help you boost your professional productivity, from document management to organization to accounting. Here's a quick overview of some top apps to help you get started Evernote: This app is an awesome suite of tools that help you organize any number of different items, from PDF documents and websites to your receipts and task lists. It's also one of the most popular and has a wide range of options to help you coordinate and collaborate with other professionals fo

Employee, Contractor or Freelancer: Differences in Tax Approaches

Today's workforce is undergoing rapid and dynamic change. While being an employee is still the most common type of work arrangement, the number of independent contractors and freelance workers has been growing significantly over the past several years. Freelancers now account for over one-third of workers in the US economy. But what's the difference between these groups and how does it impact tax approaches? Here's a real-life example of the difference between a freelancer or contractor and an employee. A writer starts writing DIY tutorials for a home improvement supply company. The materials for the project are purchased and she fixes up her home while completing the tutorials. As a freelan

A Quick Overview of Common Accounting Packages

When you're running a business, accounting is one of those tasks that must be completed on a regular basis to keep the doors open and the lights on. Modern accounting software has made this task much easier, but which package is the right one for your company? Here's a quick overview of some common business accounting packages: QuickBooks Online: As one of the most popular accounting packages available today, QuickBooks works well with a wide range of other software packages. This lets you streamline and automate your company's back-office tasks, at rates between $15 and $60 per month, including mobile access, time tracking and a wide range of information freely available online. Sage 50C: A

Considering an e-commerce business? Here are a few things you still need to know

If you're considering starting an e-commerce business, do you know what's involved in the process? Unlike a brick-and-mortar location, an ecommerce business can have a number of differences that are very important to your overall success. Here's a quick overview to get you going. Research and register a memorable business name, along with a web domain. Securing these aspects of your business early allow you to start the marketing process early, letting you gain ground earlier on in your operation. Consider your store needs. Can you operate using an out-of-the-box option such as Shopify, or will your business require a customized solution? This can impact your startup budget, so research this

How do you go about setting up a tax-exempt organization?

When you're setting up a charity or other non-profit organization, the steps involved can seem confusing, especially when you're not being paid for the process. Fortunately, it's relatively easy to get through the process and register your tax-exempt organization. Here are a few steps to help you get started. Start with a plan. Setting up a document similar to a business plan helps you determine the best way to get your organization established and moving successfully. Research what name you wish to use and whether it's available for use in your state. You'll need to have between one and three directors, prepare by-laws and then hold a meeting with the directors and any other interested part

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