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an expert can easily help you file for typical costs associated with setting up a business.
Keep inmind 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% fromoffice parties. While it may take extra time to calculate every deductible, tax software canmake 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. 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 wouldmake it a capital loss, which is not deductible. Find your property classification under Section 1231 of 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
SpendMoney to SaveMoney Within the right profit margin, spendingmoney on your business can reduce your taxes to zero. It’s not news tomost 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 inmind that buying new equipment, hiring new employees, creating an advertising campaign, andmore 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, or large charitable donations. If these deductions aren’t fully used in one year, they can carry over and apply to the next. Remember theTax 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 inmany ways. If you file as a pass-through entity for your business,
youmay 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 tomake 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.
Completely Different Roots Celebrating St. Paddy’s Day in Ireland vs. America
holiday, pubs and bars closed down on March 17 until 1961. Additionally, the traditional meal of corned beef and cabbage is another American addition. In Ireland, pork and cabbage was actually more common, but impoverished Irish immigrants substituted less expensive beef for pork, and the tradition stuck. Even though the most widely observed St. Patrick’s Day celebrations originated in America, many of them have found their way back to Ireland. Starting in 1996, the St. Patrick’s Day Festival in Dublin now attracts over 1 million attendees with all the drinks and revelry that Americans love. You’d be hard pressed to find a green beer, though. In the hallowed birthplace of Guinness and whiskey, some traditions may be better left across the pond.
land. When Catholic Irish immigrants first came to the United States, they faced persecution from a largely Protestant population. In response, Irish Americans began using March 17 as a day to publicly declare and celebrate Irish heritage with parades and demonstrations. The observation of St. Patrick’s Day grew in popularity in cities with large Irish populations, like Boston, NewYork, and Chicago. Then, in the booming post-WorldWar II economy, various businesses aggressively marketed the holiday to Americans of all heritages. Thus, it became a day when anyone could celebrate Irish American heritage, or at least it gave everyone an excuse to drink like they believe the Irish do. Ironically, imbibing was not a part of St. Patrick’s Day celebrations in Ireland until relatively recently. Due to the religious nature of the
From extravagant parades to green-dyed rivers, something about St. Patrick’s Day feels quintessentially American—despite its Irish heritage. That’s because many common St. Patrick’s Day traditions actually originated in America, evolving beyond their roots in the Emerald Isle in a few key ways. On March 17, Irish folks commemorate the death of St. Patrick, who brought Christianity to pagan Ireland during the late fourth and early fifth centuries. Historically, these religious origins make for a more somber observance of St. Patrick’s Day. Many Irish families go to church and eat a modest feast as the extent of their celebration. However, St. Patrick’s Day in America is not so much about venerating Ireland’s patron saint as it is about celebrating Irish heritage in a foreign
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