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Author: Jake Snelson

What is After-tax Income?

Define: After-Tax Income

After-tax income, also referred to as income after taxes, is the amount of disposable income that a person or company has left over after all federal, state and withholding taxes have been deducted from the taxable income. You can spend your after-tax income on future investments or on present consumption.

After-tax income isn’t as scary as it sounds. So, what is after-tax income really? It’s simply your wages after you have paid all of your taxes.

After-Tax Income Scenario

Jenna is a photographer; she runs Jenna’s Photography Studio; therefore, according to the IRS Jenna is self-employed. Because she is self-employed, Jenna should set aside 30% of her profits for taxes. The 70% left over after paying taxes is the after-tax income.

Jenna has a lot of options on how she can use her after-tax income.

If she wanted to invest her after-tax income into her business, she could buy new lighting equipment, or she could use the money to buy advertising for her business. The great thing about investing the money back into your business is that you’re able to write off most of those expenses as tax deductions.

Jenna may choose to use her after-tax income for personal reasons. Because she’s self-employed her after-tax income is her salary. It can go towards paying rent, bills or for a vacation.

There are no restrictions or laws on what you can do with after-tax income. It’s your money to spend.

How to Create a Positive Work Environment: Acknowledge Success

When you’ve worked hard on a project, nothing feels better than having someone acknowledge your success. A simple compliment can help you feel appreciated and valued and can even increase your productivity in the future.

Employees, especially millennials, are driven by positive encouragement. One of the biggest issues with employee-employer relationships is that employees don’t feel valued. These simple tips can help you, as a boss or manager, make your workplace better for your employees, just by acknowledging their success or hard work.

Change Company Attitudes

If you want to create a positive work environment, then the first thing you need to do is change your or your company’s attitude. If you view your employees’ hard work as “just doing their jobs” then you’re going to have a lot of uninspired, unappreciated employees. Instead of seeing your employees’ perseverance as “just doing their job” look at what they’re helping you accomplish.

Every time an employee goes above and beyond, you win. You get a little bit closer to your dreams because your employees are working hard. Acknowledging success isn’t a weakness on your part. It’s a way to make your business more successful.

Reward Hard Work

When an employee goes above or beyond what is asked, show your appreciation through a reward. You can set up a system with rewards as employees hit certain marks, or give a reward when a particular employee is doing a great job and you want them, and their coworkers, to acknowledge their success.

Here are a few ideas for rewards

Certificates: It’s simple easy and really only costs the price of paper and ink.
Gift Cards: A $10 gift card to a local hot spot is fairly inexpensive but shows you really do appreciate hard work.
Cash: A little bonus on a paycheck is great, but so is a Visa card.
Food: If you want to recognize your team’s success then go with food. It’s easy to have lunch for your team or company catered.
Company swag: You probably have promotional items sitting around, so give some to your employees when they’ve earned it. Just keep in mind that a promotional frisbee, probably doesn’t show how well they’re doing. Think of something that’s actually useful.

Pay Compliments

A reward is a great way to acknowledge milestones, but it may be too much on a day-to-day basis. The easiest thing you can do as an employer is to pay your team compliments.

Paying someone a compliment helps in numerous ways.

Increases confidence: When an employee is unsure of how well they might be doing it can cause them to make more mistakes. Compliment them on their job and give them the confidence to succeed.
Boosts productivity: Employees who receive compliments on their efforts are more likely to continue to work hard. On the opposite side, when employees work hard but never receive praise they feel unappreciated and begin to slack off.
Builds trust: Complementing people helps show that you care and when your employees know that you care they’re willing to talk to you when they face a problem, instead of trying to place blame on someone else.
Create positivity: If you’re working to build a positive work environment then create a culture of complimenting. When you compliment your employees, they’ll begin to compliment the coworkers. A team that gets along and looks for the good in those around them will automatically create a great working environment.

There are even studies that show paying your employees compliments can be as effective as offering a cash incentives.

Read the other posts in this series:

Put Employees First

Encourage Employee Feedback

Offer Developmental Opportunities

Which Social Media Platforms Are Best for Marketing My Business? Part 1

Marketing has made a dramatic change over the last ten years. The days of placing an ad in your local phonebook are long gone. The age of social media marketing is in. You know you should be using social media in your business, but do you know which social media platforms are best for marketing purposes?

Each platform requires a different approach. In this two-part series, we’ll break down the top seven social media channels that businesses can use and how they’ll help your business

Facebook

Facebook is the social media channel. It surpasses every other social media platform in users. Think about it, even your mom has a Facebook account. A Facebook business page is a must-have for anyone looking to up the social media game.

The great thing about Facebook is that it allows you to share a variety of content. You can connect with your followers through these options:

Website links
Images
Videos
GIFs
Live videos
Messaging

The downside to Facebook is their ever-evolving algorithms. Facebook is constantly changing how many people see your content organically. As more people interact with your content, Facebook shows it to more people. Most businesses have to pay for people to see their content.

Regardless of the challenges with Facebook’s algorithms, it is still a critical platform for your business to be on.

Twitter

Twitter is designed for short messages (under 140 characters.) Most users are looking for news. They follow companies to find out the latest details or to look for deals. Twitter is great for sharing links and photos, but they can count towards the 140 character count.

Twitter is a great place to interact with your customers. Because it was set up with the intent of sharing snippets and short messages, it is a great place for dialogue. Many businesses use Twitter as a customer service tool. You can easily promote the good things people say about your business through retweets and you can address any complaints or concerns your customers have.

Instagram

If your company thrives on visuals, then Instagram is the place for you. What started out as a place to post pictures of your day, has turned into a perfectly curated platform for stunning images. If you want to be successful on Instagram, you must create a visually appealing feed. People are more likely to follow and interact with content that catches their eye.

Instagram recently rolled out “Stories” which let you post photos and videos that are deleted after 24 hours. This is a great way to show your customers the behind the scenes of your business. Stories’ main competitor is Snapchat; however, businesses are more drawn to Stories because you don’t have to build a new following. Anyone who is already following you on Instagram can see your Stories.

LinkedIn

LinkedIn is the best social media platform to drive people to your website. It has the highest conversation rate of any social media platforms, especially for companies whose focus is business to business marketing.

The purpose of LinkedIn is to connect professionals together. Because of this, the content shared on LinkedIn is a higher grade. A funny meme isn’t going to go over very well on LinkedIn. According to LinkedIn, 6 out of 10 users are looking for industry insights. When you post to LinkedIn make sure that you are providing valuable content.

Check out part 2 of this series!

Do I Need to File My Self Employment Taxes on My Gross or Net Income?

When you are self employed, you are responsible to pay taxes towards social security, income and Medicare. Usually, these taxes are covered in part by an employer; however, if you are self-employed you are responsible to pay them yourself. You should set aside 30% of your income for self employment taxes.

What is the difference between gross and net income?

In order to determine if you need to pay taxes on your small business and what those taxes are, you have to understand the difference between gross and net income.

Gross income is the total amount of money you earned before taxes or other adjustments are considered.

Net income is calculated by subtracting your gross income from your expenses. This shows your profits or losses for the period.

How do I determine if I need to pay self employment taxes?

The IRS determined that you are subject to self employment taxes if you:

Own a sole proprietorship
Are an independent contractor
Are a partner in a business
A part of any other self-owned business

The next requirement is that you net $400 or more. This is where our gross vs. net income lesson comes in! If you lost money on your business (your net income is in negative) then you don’t owe taxes, but you should still report your loss to the IRS. If you had a net profit of $400 or more then you must pay self-employment taxes.

How do I file my self employment taxes?

In addition to paying income tax, small business owners also file an annual return and pay quarterly self employment taxes.

Self employment taxes are based on estimations. You determine your quarterly taxes based on your previous year’s earnings. The IRS provides worksheets to help you determine what you should pay each quarter.

If you overestimate or underestimate your earnings, the IRS has forms to help you refigure the next quarter’s taxes.

Quarterly Taxes for 2017 are due:

1st payment : April 18, 2017
2nd payment : June 15, 2017
3rd payment : Sept. 15, 2017
4th payment : Jan. 16, 2018

The IRS requires that you submit an annual return stating how much you paid in social security and Medicare taxes at the end of the year.

You can learn more about self employed taxes with these articles

Which Tax Forms Do I File as a Small Business Owner

4 Forgotten Tax Deductions for Entrepreneurs

FAQ: What Home Office Expense are Tax Deductible?

Income Tax Checklist: What Your Accountant Needs to File Your Income Taxes Copy

It’s everyone’s favorite season! TAX TIME! We’re here to make this the easiest tax season ever.

You won’t be scrambling to find all of the important financial documents you need to file your income taxes, only to have your accountant call and tell you he needs just one more thing. Instead, you can take charge with this comprehensive income tax checklist with everything you’ll need to take to your accountant to get the job done accurately and on time.

Download the printable version here.

Build a Better Business

We want you to succeed in your business ventures. To make that happen, we’ve compiled a series of tutorials on simple ways to build your business. We’ll talk you through your marketing and advertising strategies, hiring and firing employees, effective communication in the workplace, business etiquette, operations, human resources, and of course, accounting. Check out each of the articles in our “Build a Better Business” series to grow your business into a thriving enterprise.

Improve Your Online Presence Part 1: 8 Steps for Reviewing Your Website

Most people will learn about your business online, so you need to make sure that your website up to date. A great website is user friendly, helpful and interesting enough to draw people in. Check out our list of to-do’s to make sure your website is an asset to your business.

Improve Your Online Presence Part 2: Perform a Quarterly Social Media Audit

Social media is essential to marketing and customer service. It’s important to do a social media audit to make sure your information is up to date and that your customers can contact you through it. Planning out content for your social media platforms is another sure-fire way to make sure you don’t neglect it.

Improve Your Online Presence Part 3: Contact Information & Review Sites

Over the life of your business, your web presence increases. It’s important to make sure that your contact information is always up to date so that people can find your business. It’s fairly simple to make sure your website is up to date, but what about the other places your information can be found online?

4 Low Cost and Low Risk Ways to Grow Your Team

Growing your team can seem like a costly and stressful venture, but we’ve outlined 4 ways you can add people to your team without spending a lot of money.

Planning Your Summer Marketing Efforts Part 1: Who, What, When, and Where

Summer is a great time for marketing because there are a lot of events you can attend in order to spread the word about your business. It’s a great time to get out and meet your community. So take stock of the who, what, when, and where of your marketing.

Planning Your Summer Marketing Efforts Part 2: Celebrating Holiday and Events

While summer holidays may mean that your team is in the office less, it’s still a great time to take full advantage of marketing! Use summer celebrations as a way to do a promotion or giveaway. Because people are busier you can also increase your correspondence with your clients. Remind them how you can help out while they’re busy spending time with their friends and families!

Planning Your Summer Marketing Efforts Part 3: Cheap Advertising Tips

You’ve pumped money and man power into your marketing campaigns through attending events and giving away swag. Now it’s time to pull in the reigns and save some money while still boosting your advertising.

How To Attract the Right Talent For Your Company

Employees can make or break your business. Like we mentioned in 4 Low Cost and Low Risk Ways to Grow Your Team, it’s important to get the right fit before you hire anyone. These tips will help you make sure that you’re hiring the right people the first time.

Quick Money Management Tips to Build Your Business

If you want to get a better handle on your finances this is the best place to start. With simple steps you can remove the gray areas from your business finances.

Plan for Holiday Success by Hiring Seasonal Employees

The holiday season can be the busiest time for small businesses. While you may not be able to afford another full-time employee, you could definitely use some help around the busiest time of the year. Here are a few best practices to make sure you’re going about it the right way.

How to Create a Succession Plan for Your Small Business

Sure, your small business may be your life right now, but what about when it’s time to move on to something bigger and better? Set up a succession plan now so that your baby is always taken care of.

How to Protect Your Small Business from Theft

Theft can come from many angles, and it happens to more than just brick-and-mortar businesses. Learn how to protect your business from all types of theft.

Is a Digital or Print Planner Best for Your Small Business?

We’ve already talked about why setting goals is critical to the success of your business. Now it’s time to make those goals a reality. Planning is the only way you’ll reach them.

Antoine de Saint-Exupery said, “A goal without a plan is just a wish.” Now that you have a SMART goal, you need to find the best way to achieve it. Planners can help you see where you are at with your goal, what needs to be done and can help you take the steps needed to get there.

Everyone has a preference when it comes to digital or print planners. We’re going to break down the benefits of each to help you determine which is best for you and your small business.

Benefits of digital planners

Digital planners are a great option for the businessperson who comes up with ideas all the time, or someone who needs access to their schedule 24/7.

Benefits of a digital planner:

Convenient: You’ll almost always have a planner with you because you can access it from your phone, tablet or computer.
Reminders: Setting reminders in your planner can help you keep track of where you should be at on a project.
Gather information: Most digital planners can access other apps or calendars so you can keep track of your schedule and events.
Appointments & to-do lists in one: Most print planners make you choose between an appointment or to-do list format, but digital planners can allow for both.
Can share with team members: If you want the whole company to be in the know, you can share your calendar or list with them. This is also great for department projects.

There are a lot of options for digital planners on the market. Some planners are only available on iOS or Android, so make sure you choose a planner that works with your phone and tablet before you get completely invested.

Benefits of print planners

Traditional, or print planners, are a great tool for people who need a physical list in order to stay on top of their projects.

Benefits of a print planner:

Good for your brain: The act of putting a pen to paper stimulates your brain and helps you clear your mind and think outside the box.
Set it up your way: With a variety of planners on the market you can choose the right layout for yourself, or you can make your own – no tech skills needed.
Sense of accomplishment: People who like to make lists and write things down, usually enjoy crossing things off those lists. Print planners allow you to cross tasks off, which increases your productivity.
Easy to use: Print planners are very basic. There isn’t a learning curve and you can easily jot down reminders or tasks quickly without having to search for an app.

Before buying a print planner get an idea of what you’re looking for. Do you want a to-do list style or do you prefer to break your day up by time? Find a planner that meets your needs, because you’re going to invest in it for a year. If you can’t find a planner that is everything you want, try bullet journaling. It gives you complete control over your planner.

FAQs: Choosing Between Digital and Print Planners for Your Small Business

Why is planning important for achieving business goals?

Planning is crucial because it turns your goals into actionable steps. Without a plan, goals remain just wishes. Planners help track progress, identify necessary actions, and guide you toward reaching your goals.

What are the benefits of using a digital planner for my business?

Digital planners offer convenience, 24/7 access, reminders, integrated information from other apps, combined appointment and to-do lists, and the ability to share schedules with team members. They are ideal for businesspeople who need constant access and collaboration.

What are the advantages of using a print planner?

Print planners stimulate brain activity through writing, allow personalized setups without tech skills, provide a sense of accomplishment when crossing off tasks, and are simple to use without a learning curve. They are great for those who prefer physical lists.

How can I decide which type of planner is best for my business?

Consider your workflow and personal preferences. If you need constant access and enjoy digital integration, a digital planner might be best. If you prefer writing things down and enjoy the tactile experience of crossing off tasks, a print planner might suit you better.

Are there specific features I should look for in a digital or print planner?

For digital planners, look for compatibility with your devices, app integration, and sharing capabilities. For print planners, choose a layout that matches your needs (e.g., to-do lists or time-based schedules) and consider customizing options like bullet journaling for complete control.

Goal Setting & Achieving for Small Business Owners

As a small business owner you wear many hats. You oversee your business, work with clients, and you are in charge of continually moving your company forward. You can’t allow yourself to live life without a purpose or everything will fall apart. In order to have a balanced life, small business owners must learn how to set goals.

Why we should set goals

As a small business owner, you need to determine where your business is going. Do you want to grow? Stay the same? Without solid goals it’s impossible to determine if you’re heading in the right direction.

Another benefit of goal setting is that it can simplify the tough decisions. Because you know where you and your business are headed you can easily determine which paths will help you reach your destination.

Now, all you need to do is learn how to set goals and achieve them.

How to set SMART goals

In order to achieve your goals, you need to come up with a comprehensive plan. There are many methods to help you set goals, but the SMART method is great for helping you see your goal all the way through.

The SMART model has you analyze your goal so you can set better goals. When writing your goal make sure it is:

Specific: Be exact in what your goal is. If it’s too vague you won’t be able to accomplish it.
Measurable: How will you define success? You need to be able to track your goal so that you can see progress towards it.
Attainable: It’s great to dream big, but make sure that you aren’t over reaching. If you do feel like your goal is unattainable, set smaller goals that will help you reach your final goal.
Realistic: Do you have the time, resources and knowledge to accomplish your goal?
Time bound: How long will this take you to accomplish? If you don’t see any progress towards your goal you are more likely to give up. Set deadlines and stick to them to accomplish your goal before you run out of steam.

How to achieve your goals

You will never accomplish your goals without devising an action plan, no matter how great of a goal it is. Small goals are just as important, maybe even more important than, the big goals.

To achieve your goals you need to break them down into actionable steps. Use the SMART method to make smaller goals that will lead you to your ultimate goal. Set due dates and evaluate where you are at consistently.

If you’re planning goals for the company, then get your entire team on board and involved in setting them. When the whole company is involved they feel more invested and will do their best to help.

Goal setting doesn’t have to be a huge production with flow charts and extensive tracking. It’s meant to lead you to success. When you feel overwhelmed by your goals, take a step back and see what you can accomplish quickly that will help re-motivate you and your team. Then pursue that goal fearlessly.

FAQs on Goal Setting & Achieving for Small Business Owners

Why should small business owners set goals?

Setting goals provides direction for your business growth and simplifies decision-making processes by outlining clear objectives.

What is the SMART method for goal setting?

The SMART method emphasizes setting goals that are Specific, Measurable, Attainable, Realistic, and Time-bound to ensure clarity and effectiveness.

How can I ensure my goals are achievable?

Assess whether your goals are realistically attainable based on available resources, time constraints, and your capabilities to ensure success.

What steps can I take to achieve my goals effectively?

Break down your goals into smaller, actionable steps using the SMART method. Involve your team in goal-setting and maintain consistent evaluation and progress tracking.

Is goal setting a complex process?

Goal setting should be purposeful and motivating, not overwhelming. Break down goals into manageable tasks and involve your team to foster motivation and productivity.

How to Give this Holiday Season

The holiday season is one of the best times of the year to help those in need. Opportunities to help others seem to be around every corner. Holiday giving is great because everyone benefits from it. You have the opportunity to help people who need it and your donations are tax deductible.

What contributions are tax deductible?

There are many different ways you can give to charities during the holidays. The most common ways are through cash donations, gifts, service (a time donation.) When you “donate” your time it isn’t tax deductible, but you can deduct any mileage that you used. Cash donations and gifts are tax deductible; it’s best to keep a record of how much you gave, or the cash value of your gift, so that you can deduct it.

If you plan to claim your donations on your taxes, make sure you ask for a receipt from the charity you’re giving it to.

What organizations can I give to?

Before you make a donation to a charity you’ll want to do research and find out which charities are legitimate and how they use their funds. A good rule of thumb is to choose a charity that spends 20% or less on administrative costs. That means that 80% of the profits benefit the cause directly.

In order to get a tax deduction for your charitable donation you have to give to a charity on the IRS’ list of exempt organizations. The IRS states that the following are all qualified:

A sate, local or national government or political party if made exclusively for public purposes;
A community chest, corporation, trust, fund, or foundation, that is organized and operated exclusively for charitable, religious, educational, scientific, or literary purposes, or for the prevention of cruelty to children or animals;
A church, synagogue, or other religious organization
A war veterans’ organization
A nonprofit volunteer fire company
A civil defense organization
A fraternal society, operating under the lodge system, but only if the contribution is to be used exclusively for charitable purposes;
A nonprofit cemetery company if the funds are specifically dedicated to the care of the cemetery as a whole and not a particular lot or mausoleum crypt.

What do I count as personal donation vs. a business donation on my taxes?

As a small business owner, you should be sure to differentiate if you are making the donation on behalf of your company or from yourself. The biggest difference is where the funds come from.

Business donations should not come from your personal accounts. Make sure that you use money from your business accounts so that you can deduct it from your business taxes. There is generally more flexibility in what counts as a charitable contribution from businesses, but be sure to check with your accountant before you claim anything.

When you are ready to claim your donation on your taxes, have your accountant see if you will get more money through an itemized deduction the standard deduction. It can be more beneficial to claim the standard amount in some cases

While tax deductions are a great benefit to charitable giving, it shouldn’t be the only reason you give. Tony Robbins, a multimillionaire, life coach and author said, “Only those who have learned the power of sincere and selfless contribution experience life’s deepest joy: true fulfillment.”

FAQs: How to Give This Holiday Season

What contributions are tax deductible during the holiday season?

Tax-deductible contributions include cash donations, gifts, and certain expenses related to volunteer service, such as mileage. Keep a record of all donations and obtain receipts from the charities to claim these deductions on your taxes.

What types of organizations can I donate to for tax deductions?

You can donate to various organizations such as charities, religious organizations, war veterans’ organizations, nonprofit volunteer fire companies, and certain government or political entities. Ensure the charity is listed on the IRS’ list of exempt organizations to qualify for a tax deduction.

How do I differentiate between personal and business donations on my taxes?

Personal donations come from personal accounts and are deducted from personal taxes. Business donations should come from business accounts and are deducted from business taxes. Always use the appropriate account for the donation and consult with an accountant for accurate tax filing.

What should I consider when choosing a charity to donate to?

Research charities to ensure they are legitimate and effectively use their funds. A good rule of thumb is to select charities that spend 20% or less on administrative costs, meaning 80% of donations go directly to the cause. Verify the charity’s status on the IRS’ exempt organizations list.

Should tax deductions be the main reason for charitable giving?

While tax deductions are a benefit, the primary reason for giving should be to help others and make a positive impact. Sincere and selfless contributions bring deeper joy and fulfillment, as noted by Tony Robbins.

4 Forgotten Tax Deductions for Entrepreneurs

As a small business owner you have a lot on your mind and taxes often seem like a burden that’s only there to hurt you. If you want to keep more of your hard-earned money in your pocket, you need to educate yourself about small business tax deductions. A lot of business expenses can actually be written of as tax deductions. Are you using these four forgotten tax deductions?

Advertising

Advertising is crucial for small businesses; however, it can be very expensive. Luckily, advertising costs are tax deductible. In order to deduct them you must keep track of your advertising costs.

Ads on these platforms are all tax deductible.

Social Media ads (Facebook, Instagram etc.)
Google Adsense
Billboards
Newspapers and Magazines
Television and Radio
Influencer campaigns

The cost of running the ad isn’t the only deductible expense. These 20 Common Advertising Expenses are also tax deductible.

If you’re a Vyde client the best way to keep track of your advertising expenses is to upload your invoices, bills and receipts. We’ll keep track of them and make sure you get tax deductions for them.

Asset depreciation

You probably claimed new assets or purchases as tax deductions, but did you know you can continue to claim them as asset depreciation deductions? According to the IRS, “Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property.”

It’s best to meet with your accountant to discuss which of your assets qualify because the list changes from year to year. A Certified Public Accountant will be up to date on what you can deduct and can help you receive a larger return.

Business meals

Are you taking a client out for lunch or grabbing take out because your team is working late again? You can deduct 50% of the cost of the meal when it is specifically business related.

The key to getting use out of this deduction is to keep track of your expenses. You should do more than just save the receipt for business meals. Track the meal, who it was with and why it was business related in a journal; that way if you ever need to prove that it qualifies you have the records to back it up.

Continuing education

Some small business owners need training to help them improve or grow their businesses. Going to conferences, taking courses or exams can count as tax deductions. The IRS has two requirements in order to qualify.

The education is required by your employer or the law to keep your present salary, status, or job. The required education must serve a bona fide business purpose of your employer.
The education maintains or improves skills needed in your present work.

Education that is required for your current position or qualifies you for a new trade or business cannot be counted as deductible. Because you are self-employed you must make sure that the education is bettering your business in order to have it qualify.

If you want to learn more about what you can deduct as a small business owner, check out this post on 5 (more) Commonly Missed Small Business Tax Deductions.

FAQs About Forgotten Tax Deductions for Entrepreneurs

What types of advertising costs are deductible for small businesses?
- As a small business owner, you can deduct various advertising expenses, including ads on social media platforms (e.g., Facebook, Instagram), Google Adsense, billboards, newspapers, magazines, radio, television, and even influencer campaigns. It’s important to track these costs and save receipts for tax purposes.
Can I deduct the depreciation of assets I’ve purchased for my business?
- Yes! You can claim asset depreciation as a tax deduction. This allows you to recover the cost of assets over time, such as equipment or property used in your business. The IRS provides an annual allowance based on the wear and tear of the property, and it’s important to consult with your accountant to identify which assets qualify.
Are business meals deductible?
- Yes, you can deduct 50% of the cost of business-related meals, such as client lunches or team dinners. However, you must keep detailed records of the meal, including who was present and why it was business-related, to ensure it qualifies for a deduction.
Can I deduct the cost of continuing education for my business?
- Yes, continuing education expenses like conferences, courses, and exams can be deducted if they are directly related to improving or maintaining your skills for your current business. The education must serve a legitimate business purpose, such as helping you stay current in your field or enhancing your business operations.
How can I keep track of my advertising and other business expenses for tax purposes?
- The best way to track your advertising and business expenses is to save and organize receipts, invoices, and bills. If you’re a Vyde client, you can upload these documents, and we’ll help you track and ensure you’re maximizing your tax deductions for these expenses.

Vyde is a licensed accounting firm (CPA) based in Provo, Utah, and members of the AICPA. We provide professional accounting services to businesses and individuals, with a focus on small business bookkeeping and taxes.

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