During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming home office deductions: the actual expenses method and the … Continue reading “If You Run A Business From Home, You Could Qualify For Home Office Deductions”
Month: February 2021
Building Customers’ Trust In Your Website
The events of the past year have taught business owners many important lessons. One of them is that, when a crisis hits, customers turn on their computers and look to their phones. According to one analysis of U.S. Department of Commerce data, consumers spent $347.26 billion online with U.S. retailers in the first half of … Continue reading “Building Customers’ Trust In Your Website”
Many Tax Amounts Affecting Businesses Have Increased for 2021
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased with the tax changes for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a … Continue reading “Many Tax Amounts Affecting Businesses Have Increased for 2021”
The Many Uses Of A SWOT Analysis
Using a strengths, weaknesses, opportunities and threats (SWOT) analysis to frame an important business decision is a long-standing recommended practice. But don’t overlook other, broader uses that could serve your company well. Performance Factors A SWOT analysis starts by spotlighting internal strengths and weaknesses that affect business performance. Strengths are competitive advantages or core competencies … Continue reading “The Many Uses Of A SWOT Analysis”
The 2021 Cents-Per-Mile Rate for Business Miles Decreases Again
This year, the optional standard mileage rate has decreased by one-and-one-half cents. Is is now 56 cents per mile. This rate is used to calculate the deductible costs of operating an automobile for business. As a result, you might claim a lower deduction for vehicle-related expenses for 2021 than you could for 2020 or 2019. … Continue reading “The 2021 Cents-Per-Mile Rate for Business Miles Decreases Again”
View Your Financial Statements Through The Right Lens
Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand it. You’re likely also aware of how insightful properly prepared financial statements can be. This is especially true when they follow Generally Accepted Accounting Principles. But how can you best extract these useful insights? One way is to view … Continue reading “View Your Financial Statements Through The Right Lens”