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Startup? Deductions that Can Bail You Out Come Tax Season

That dreaded time of the year is quickly approaching, when we have to add up our pluses and minuses to report to the IRS. If it’s your first year declaring taxes for your start-up, it’s even more important to research the rules of deductions and not to miss out on any opportunities to lower your taxes. We put together a list of a few of the things that can bail you out come tax season. The Start-Up Phase Before your business is up and running, you are likely to have incurred many expenses from the process of analysis to building your business, which you can deduct. This period is called the startup phase and goes on either until you open up your doors for business or until you start earning income from your business. This means that once you have launched your business or made the first sale, your costs are now considered tax-deductible expenses. Start-up costs include employee training, wages, consultant fees, advertising, and incorporation or organization fees, but remember that once your startup is launched, these costs no […]

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Top 5 Mistakes People Make With Their First Credit Card

Source: business-commerce-237675/ The new Credit Card act that came in to force in 2010 was set to provide protection to users. It made it hard for those less than 21 years of age to get a credit card and now many in college or leaving college are getting cards and committing the same na├»ve mistakes kids in high school did. Getting your fist credit card marks advancement to new responsibility levels rather than just achievement. To make through it without being laden with a crippling debt and poor credit scores, here are five mistakes by first time cards holders you should avoid. 1. Failing to do a thorough shopping for best rates. This is a common mistake people getting their first card do. Going for the first offer you get is a desperate move and denies you a chance to shop through different card rates in the market. The interest rate is the biggest factor to consider when getting your credit card and it affects the ease with which you get to pay the debt. 2. Going for rewards […]

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