Since its tax time, I thought I would answer a few questions related to money and also how prices and taxes ( thinks imports/exports) matters. Did you know that the increase and decrease of supplies ( paper, ink, printers) can fluctuate due to a lot of things, for example, inflation.
Q: What is inflation?
A: Increase and Decrease of money value.
Q: What does this have to do with taxes?
A: If you have to file business taxes, the amount of money that your items are worth can change from time to time, depending on inflation. If you use lots of foreign brands you will notice at times that prices are higher or lower at times. Also if the value of the dollar is doing not so well, you can see changes in things more drastically. Sometimes it will take a huge rise or drop to see a change.
A 2: Since we have a new Fed Reserve head, we will see how much more our inflation rate will increase. This can make writing items off not as satisfying and even not worth it. On the plus side if the inflation rate is lower than more spending is encouraged and saving those receipts is highly suggested.
Q: How do you save receipts for tax credit purposes?
A: Save those receipts and scan them to programs like Excel to keep track of them. They even have apps that help with this. You can keep for later and use them when filing taxes.
Q: How to save money when inflation is high?
A: It all depends on the type of service or product. For example, a price change even if it is .30 would help based on how many people buy your products; and how popular it is.You can even make items seasonal if you see a trend in inflation increases and decreases during certain times of the year.
A 2: If you have supplies that constantly rise, finding a median price would work. Never cut corners on quality products, you will end up losing customers. Which in retrospect will cost more than buying the higher quality supplies( or higher overhead) and changing the price of the item(s)
I hope this helps! Include any questions or tips, comment below.
*Disclosure* Also ways chat with a trained professional or research the many online resources for tax and other financial understanding. *
I want to shed some encouraging light on even my dull business outlooks. Things that can detour us from starting a business can vary, but the main things that we can all agree on would be :
- World News
- Other failed businesses
- Lack of motivation/understanding
- Partnerships having two different views on how to handle the business
What can one do about these types of hardships? I want to offer a few suggestions.
- Have an outline, goal timeline, and proposal written-Many need help on building their plans beyond paper. That’s where I can step in and help. Note: there is a free consultation where I will dedicate 30 minutes in not only hearing your plans but trying to give you the best advice that I can offer. You are not obligated to pay if after the 30 minutes my services is not to your liking or I have solved your problem(s)
- Attending workshops- I will be offering workshops for experienced and non-business owners alike. We can all learn from each other and; build, network and hopefully take something away from the information provided. Stay tuned, I will be having my first webinar in the coming months. If all goes well, there will be a meet up in New York City, Washington DC and Philadelphia. But as you can see these are later time-lined goals I have set for myself. It all starts with a plan.
With that being said, what are some hardships that you are facing? Whether its a first-time business problem or a mature business problem. Feel free to ask and comment below.
Every now and again, you might find yourself in an uncomfortable conversation. Sometimes it’s an important, unavoidable talk with a loved one. Other times, it might be a chat that wanders into an intense conversation quickly turning hostile rather than friendly. With most uncomfortable conversations, a few tips can help you survive the encounter without…
if you know me I am an advent coffee drinker, but don’t worry this is not one of my coffee blog post, but more of an informative way for you to the network.
I know this is coming from the worlds most introverted person, but I feel at home when sitting in coffee shops. From Starbucks or Peets to fewer household names such (awesome shops) as Compass coffee.
People seem to share more intimate conversations in this public area because it is a safe place. If you are coffee, tea, water or pastry inclined, you can find yourself immersed in conversation and good food.
I have an example:
Le Pain Quotidien is where I met a network while eating my avocado toast and drinking coffee. We spoke for almost two hours! Did you believe that I didn’t have a business card but left my information with her? Maybe she will read this.
If she does, thank you. You are the motivation for my post. Starting a business is hard, but starting a business with nontraditional constants makes it worth your while. I have a larger percentage of keeping it around.
Don’t forget to have your business cards handy, that will the next blog post.
I am always asked what I mean when I say certain words. Its mainly when it comes to giving directions to tech related help.
I am by no means perfect but I do know my lingo and I have no problem sharing things with you all.
So the next time I say these phrases, you will all nod and we can be tech buddies.