How Frugal Entrepreneurs Avoid Excess Spending and Taxes
How Frugal Entrepreneurs Avoid Excess Spending and Taxes
Getting a business off the ground is never easy. It takes a lot of blood, sweat and tears, but smart entrepreneurs know that it also takes a lot of fiscal responsibility and the ability to say no. Most startup companies have to always be considerate and careful with their money. So what are some of the best moves to make to avoid overspending and to save on taxes?
It seems like such a simple thing, but a lot of companies end up spending much more than they need to on meal expenses. It’s great to buy your employees lunch on occasion, but don’t go crazy because it adds up fast and your business can only cover about half of your meal expenses.
Having a good credit card with positive rewards is another way to save. It can be a sky miles card or just a card with rewards points. If you put everything on that card the rewards add up and you can end up earning enough points or money to pay for other business expenses.
You can also use your business to pay for continuing education expenses, which is a much better option than taking out a student loan that you’ll be paying off for years to come. Another smart way to save is to hold onto proof of all your bad debt. If a customer doesn’t pay you for goods or services that you’ve fulfilled or completed keep the invoice and use it to show bad debt, which will lower your income and reduce your taxes.
It’s tough enough to start a new company, so make sure your entrepreneurial spirit equals your spirit of frugality. You’ll save money and have more resources to put back into your business.
We hope you found this article about “How Frugal Entrepreneurs Avoid Excess Spending and Taxes” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
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