In Part 1 we looked at the difference between business use and personal use for a vehicle, and discussed how to track and deduct actual auto expenses versus tracking business-related miles. (Read Part 1 here.) In Part 2 we will explore the advantages of using the standard mileage rate over actual expenses for business, and […]
The Lowdown on Auto Expenses—Can I Deduct My Car? (Part 1 of 2)
Running a business can be expensive. Fortunately, the IRS allows certain expenses to offset your business income. A key source of such deductions is your vehicle business expenses. In what follows, I will sketch an outline of how vehicle deductions work and help you determine the deduction method that is right for you. First, what […]
Changes for the 2015 Tax Year
In an effort to help you make the best personal finance and business decisions in the coming year, here are the 2015 tax numbers recently published by the IRS and SSA (and their 2014 counterparts): If you have any questions, concerns, or are […]
Affordable Bookkeeping Solutions (Part 2 of 2)
In Part 1 of Affordable Bookkeeping Solutions we discussed the limitations of bank statements and spreadsheets for running your small business. (Read Part 1 here.) In this follow up, we will look at two great solutions to help you (i) keep accurate records of all the business’s transactions, (ii) keep this data separate from your […]
Affordable Bookkeeping Solutions (Part 1 of 2)
At Thrive Business Group we understand that it’s difficult for small businesses owners to make confident decisions without reliable financial information. The first decision a small business owner faces to that end is “Which accounting program do I use?” The Criteria The keys to having reliable information are (i) to keep accurate records of all […]
Maintaining Liability Protection from Your Business
We want to help you protect your assets and reduce your potential liability as a business owner. As an owner of a business entity you receive two general benefits above what a sole proprietor receives: (i) tax-strategy opportunities and (ii) some measure of liability protection. This blog regards (ii), your liability protection, and how to preserve […]