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.
http://www.forbes.com/sites/moiravetter/2016/06/27/the-pragmatic-entrepreneur-5-ways-to-reduce-taxes-or-avoid-wasting-money/#5154bdf02543
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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
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