Expenses

This completes Module 4. Expenses Next Module 5. Profit Back to Main Course Outline

  Will you be needing office space to conduct your business? Will you be meeting your clients in their homes, at a coffee shop, in your home, etc? I suggest to start conservative and use your home or a public place to conduct business like a coffee shop, hotel lobby, or library. Once you build … Read moree) Office space

Consider what type of insurance is necessary to run your business effectively. If you have purchased equipment like a computer, tablet or laptop you might want to buy the additional warranty to protect them. Check if your business equipment is covered from damage or theft under your homeowner’s insurance. If you rent do you have … Read mored) Insurance

Will you need to use a car for your business? Check with your tax professional. In general the use of your car; the mileage and a portion of maintenance is considered a business expense and is a tax deduction. There are great apps that you can use to track your mileage on your phone. Check … Read morec) Car mileage and maintenance

Your business expenses can be deducted from your income taxes. You should save your receipts and keep a record of all your expenses large and small. Find a tax professional that can give you advice and assist you in filing your business taxes. In the United States check the IRS website for the latest information … Read moreb) Tax write-offs

As you prepare to start your business write down a list of essential items you will need to run your business and become profitable. A word of advice is to start conservative. Purchase just the tools and things you’ll need to be effective. Understand that no two businesses are alike…so don’t compare your business needs … Read morea) Start up expenses