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cleaners. Visit UnderATinRoof.com and read the blog post “Zero Waste Cleaning Supplies + Recipes” to get started. 2. Explore alternative laundry detergents. If you’re used to using a plastic jug of liquid laundry detergent, it’s time to step out of your comfort zone. This spring, try exploring greener alternatives like plant- based bulk laundry powder (Molly’s Suds is an excellent source). Or, if you’re feeling really adventurous, you can even try adding all-natural cleaners like soap nuts or English ivy to your laundry loads. For more on the former, search “soap nuts” on 1MillionWomen.com, and read up on ivy detergent at Permacrafters.com/English- Ivy-Laundry-Detergent. the federal tax code to help you determine the largest savings option. Deduct Startup Costs As long as you created your business, any expenses tied to starting your company can be deducted up to $5,000 along with up to $5,000 in organizational costs — but only if your total startup costs are $50,000 or less. Tax software or an expert can easily help you file for typical costs associated with setting up a business. Spend Money to Save Money Within the right profit margin, spending money on your business can reduce your taxes to zero. It’s not news to most entrepreneurs, but the more you spend on the business, the more tax deductions you earn. Don’t spend $10 to save $3, but don’t be too stringent on savings; keep in mind that buying new equipment, hiring new employees, creating an advertising campaign, and more can lead to cheaper taxes. Track Carryover Tax Deductions Don’t forget to keep tabs on past capital losses, net operating losses, home office deductions,
Keep in mind that there are certain conditions for accounting things like business meals. You can only deduct 50% of the cost from regular meals, while you can deduct 100% from office parties. While it may take extra time to calculate every deductible, tax software can make it easy. It’s in your best interest to take no shortcuts. All these small savings can put more money in your pocket for the upcoming quarter.
or large charitable donations. If these deductions aren’t fully used in one year, they can carry over and apply to the next. Remember the Tax Cuts and Jobs Act of 2018 While this act did cut out deductibles available in previous years, such as travel expenses, you can still benefit from the change in many ways. If you file as a pass-through entity for your business, you may already be aware that your standard deduction has been doubled. This can even mitigate the benefit of keeping track of your receipts if your spending was modest in the past year. However, this is only if your business taxes are filed individually. Be sure to double-check the recent changes before filing to make the most of your deductions. Without spending any extra money, you can track all your deductibles and tie any personal income or home office expenses to your business to save as a small-business owner. If you do spend extra money —with tactful awareness of the profit margin — you can still make your tax season easier and less stressful.
Don’t Sell Unused Property Do you have old equipment that’s not
providing ROI to the business anymore? You should weigh your options. Donating it, so long as you’ve owned it for over a year, is fully deductible. Selling it would make it a capital loss, which is not deductible. Find your property classification under Section 1231 of
YOUR GUIDE TO SPRING- GREENING 3 Eco-Friendly Home Swaps to Make When You Declutter
It takes a special kind of person to enjoy spring- cleaning. For most of us, the satisfaction of a clean house doesn’t quite outweigh the hours of scrubbing, sorting, and slogging through heaps of unnecessary stuff. If you’re struggling to find the motivation to start your spring-cleaning, try flipping the paradigm: Instead of spring-cleaning, think of what you’re doing as spring- greening , and make some eco-friendly swaps along the way. Here are a few ideas to get you started. 1. Swap your plastic spray bottles for bulk or DIY cleaning products. According to a Statista report, in 2019, the household cleaners market was worth more than $31 billion, and it’s continuously growing. You can save money on cleaning supplies by taking the green route. When your current stock runs out, try buying bulk cleaners or making your own. Both options will save plastic because you can reuse your bottles, and they can help you avoid the harmful chemicals found in most
a good old-fashioned rag can do the job? According to the Ocean Conservancy, 13 billion pounds of paper towels are tossed in the U.S. each year! This spring, quit paper towels and keep a stash of dish rags under the sink to do your dirty work. When you’re cleaning out your closet, you can even cut up old T-shirts and add them to your rag stash! If you’re brave, try giving up tissues, too — an old-school hanky does the trick. If you’ve made all three of these swaps, don’t stop there! To continue your green journey, visit any of the blogs mentioned above and start browsing.
3. Say goodbye to paper towels.
Paper towels are a mainstay in American homes, but do we really need them when
2 • swbwlawfirm.com
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