Tax Deduction Expenses: Car Tax Deduction

Posted by L & R Promotions on July 9, 2010

Many people that operate their own business or think of starting a business ask the question, can I take a car tax deduction on my tax returns.  The answer would be yes even for sales tax on car purchases, if you use your vehicle in your company or business, but only for that purpose.  You may be allowed to use the car tax deduction for the entire operating cost, but if you use your vehicle for personal use and business, you may only deduct a percentage of the governments standard mileage rate or actual expenses incurred on your vehicle.  Some may qualify to use both methods of a car tax deduction.  Calculate both ways to see which may give you the larger of the two.  You may refer to the IRS Publication 463 (2009), Travel, Entertainment, Gift, and Car Expenses for current standard mileage rates.  If using the standard mileage rate, you may still deduct tolls and parking fees.

Current Allowable Automobile Mileage Tax Deduction 2010



The IRS states:  if you use standard mileage rate, you must own or lease the car; the car must not be used to transport persons or property for compensation or hire, for example as a taxi; you must not operate five or more cars at the same time, as in a fleet operation; you must not have claimed a depreciation deduction using the Modified Accelerated Cost Recovery System (MACRS) on the car in an earlier year (including any additional first-year depreciation or “bonus depreciation” or any method other than straight-line for its estimated useful life; you must not have claimed a Section 179 deduction or the special depreciation allowance on the car; and you must not have claimed actual expenses after 1997 for a car you leased. You cannot use the standard mileage rate if you are a rural mail carrier who received a “qualified reimbursement”. Further, to use the standard mileage rate for a car you own, you must choose to use it in the first year the car is available for use in your business. Then, in later years, you can choose to use the standard mileage rate or actual expenses.
However, for a car you lease, you must use the standard mileage rate method for the entire lease period (including renewals).

Vehicle Tax Deduction-Claim It January 2010

If using the actual expenses, determine the costs to operate the car for the part of the business use.  This will include gas, oil, insurance, licenses, registrations fees, repairs and tires.  Depreciation or lease payments that are attributed to the portion of total miles driven for business miles.  The IRS requires that you must keep adequate records to support your statement if you elect to take a car tax deduction.  Purchasing a mileage log book at your local office store can be very helpful in recording your mileage.

Recovery: Vehicle Tax Deduction




Whenever a tax deduction is in question, research the IRS website or seek professional advise from a certified public accountant.

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Marketing Tactics: Advertising Billboards

Posted by L & R Promotions on June 22, 2010

Have you ever considered advertising billboards for your business?Marketing-Tactics  Many have over the years and have found this to be a very successful way in advertising their business, products or website. Some people refer to this as hoarding boards or advertising hoardings.  Whether your business is located in one city or nationwide advertising billboards is one way to get exposure.  Many billboards are located on major interstates and large cities.  The billboard companies strategically place the billboards in  high traffic areas where thousands of people pass by them everyday.

Creative Advertising on Billboards – Attract, Engage, Reach


 

 Advertise your brand through outdoor advertising billboards is one way to reach potential customers.  Some billboard companies may offer a long term or rotating space depending on the location of the billboards.  Rotating space is a temporary ad that changes with other companies that have signed agreements for the ads to constantly change on the billboard.  This can be less expensive for a business and keeps the billboard from being blank.

Advertising-BillboardsWhen considering advertising billboards for your business, remember one thing, you only have the attention of the drivers for a few seconds.  The billboards must be targeted with your message.  Always include your company name, number, location, website address and image/picture.  Keep it simple and direct.  People going back and forth to work or just passing through will see your billboard along the highway and most times may only recall a portion of your ad.

Advertising Billboard 

 

You may want to research an outdoor advertising market report before signing a contract with a billboard company.  There are different fees depending on the type and size of billboards.  The rotating spaces and long term advertising will be priced differently and depending on which location and size of the billboard you want your message displayed.  Sometimes you can negotiate pricing if your budget allows for numerous locations.  There’s another option some companies use, mobile billboards.  These may not be suited for every type of business.  The ads are placed on the side of a truck and driven in high traffic areas, especially in high tourists areas.  Another cost is the design of your billboard, if you do not have the capabilities of designing your own sign the billboard company or another sign company can assist you with this. 

Truck Advertising – Mobile Billboard


Mobile-BillboardsAdvertising billboards have been a traditional way of advertising for local businesses, nationwide companies and tourist attractions.  It is a known fact that when people see your billboard day after day the name or product will stick in the back of their mind, so when they’re ready to purchase your product or services the odds are your business will be remembered.

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Company Formations: Shelf Company

Posted by L & R Promotions on June 17, 2010

What is a shelf company?  Just that “shelf”, a company that has beenCompany-Formations created and placed on a shelf to age.  A shelf company can be a shelf corporation or company that had no activity since it was created.  These companies are usually sold to people that want to start a company without having all the hassles of the startup procedures.  There’s no tax advantage to acquiring a shelf company.

 

Aged Shelf Corporation

 

Why would someone want to purchase a shelf company? 
   •To save time in the setup of a new company or corporation
   •To bid on contracts, certain locales require a company to be in business for a length of time
   •To obtain access to business credit
   •The ability to gain investors capital
   •Easier access to corporate credit

Accessing credit and capital may not be so easy though, most creditors will dig into a company’s history before allowing a loan or investment. 

Thinking-Shelf-CompanyThere are associations that start and sell shelf companys where the new owner can show a history to creditors or investors.  This does not mean every assocation or business that creates or sells a shelf company is on the up and up.  There has been many complaints and abuses of this.  Check out the seller or creator of the shelf company before buying.  Know that the shelf company before you purchase is free of liens or judgments.

 

 

BEFORE YOU BUY A SHELF CORPORATIONS 

There are a few ways to protect yourself by obtaining certified articles ofShelf-Company incorportion, pre-printed stock certificates, corporate seal, certificates of good standing and any minutes from meetings.  Each of these items should be obtainable through the state where the shelf company was created.

 

 

 

Nevada Aged Shelf Corporations

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Trade Show Exhibits: Trade Show Banner

Posted by L & R Promotions on June 7, 2010

If you looking to increase traffic to your trade show booth, a trade showTrade-Show-Exhibits banner is an effective way to improve this.  A trade show banner will not only grab someone’s attention but also drives your message to prospective customers and business contacts.  A trade show banner should make your display stand out from the other exhibitors and make people want to stop to see what products or services you offer.  Getting prospects into your booth area is the first hurdle, once they’re in, it’s all up to your sales force to make the pitch.

 

Trade Show Display Products | Trade Show Banners | Trade Show Exhibit Display 


 

Trade show banners are constructed from vinyl or fabric.  Which one do you choose?  First consider how you will use or display your banner.  Vinyl banners will imprint well for using brighter colors and sharper images making them more eye catching.  They are also easier to wipe clean.  The only downfall is they may bend or crease.  As far as the fabric banners are long lasting and durable.  These can be folded or rolled up for easy travel.  These do not reflect light very well which may reduce the readability.  Fabric banners are not easy to clean like vinyl and can become drab and fade over time.

Retractable Banner Display, Pull Up Banners, Pop Up Banner, Tradeshow Banner

Trade-Show-BannerEvery exhibitor at a trade show should use a trade show banner designed with your business logo and graphics.  This should also include any important messages you want your prospective customers to see.  A trade show banner is sometimes on a stand or hung from the ceiling by rope.  You can use these in your display or place them at the end of an aisle.  Some companies even place these in the show lobby.  Trade show banner stands are easy to set up, lighweight, portable and long lasting. 

You may find there are so many more uses for your banner stands than justTrade-Show at a trade show.  If you operate a small shop in a city, placing your banner stand out front on the sidewalk may bring customers into your store.  Displaying at a shopping mall, hotels, local events in your community, the opportunities are endless.  This is one method of advertisement many businesses should consider.  The investment can pay for itself.

 

 

Trade Show Banners and Murals


 

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Business Tax Deductions: List of Tax Deductions

Posted by L & R Promotions on June 5, 2010

Tax Tips: Dirty Dozen – February 2010

List-of-Tax-Deductions

Many people in a trade or business usually wonder about a list of tax deductions.  What can I deduct and what is allowed.  The most important is the expenses you incur in operating a trade or business as long as it is operated to make a profit.  An expense is considered to be ordinary and necessary. 

 

 

Keep good book keeping records by seperating your business expenses into catagories like, capital expenses, expenses for the cost of goods you sell and personal expenses.  Capital expenses are normally captialized and depreciated over a 7 year period then being fully deducted at one time, these are known as assets.  An accountant can advise you on which way they should be deducted.  Expenses for cost of goods would include any raw material, labor costs, etc… in manufacturing the products. 

Also on the list of tax deductions can be any business start up costs you incur.  Any business assets you purchase and improvements can be deducted.

List Of Tax Deductions | Self Employed 
List Of Tax Deductions | Self Employed

Bill | MySpace Video

If your place of business is in your home you may deduct part of your home expenses, which includes utilities, repairs, mortgage interest, insurance, property taxes, etc…  You may only deduct a percentage of your expenses which is calculated on the square footage space that you use to operate your business. 

Included on the list of tax deductions is the business use of yourBusiness-Tax-Deductions vehicle.  If you use your vehicle for business and personal you may only deduct your portion based on the actual mileage.  If your mileage is 10,000 miles per year and 2,500 miles were driven for personal use, your deduction would be 75% for business use.  A well maintained mileage log must be keep when this deduction is taken.

 

 

Get Information On Small Business Tax Deductions


Watch Get Information On Small Business Tax Deductions in Activism & Non-Profit  |  View More Free Videos Online at Veoh.com
TaxesIt is a good idea to hire a certified accountant that can assist you in the list of tax deductions that are allowed under the tax laws.  This will help in advoiding an audit which can be triggered by deducting items that are not allowed.

 

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Marketing Tactics: b2b Marketing Techniques

Posted by L & R Promotions on May 25, 2010

b2b-MarketingEvery business owner knows how the economy right now is affecting their business.  Sales are lower and more competitive than ever.  During these trying times you can use your b2b marketing budget more effectively.  Your sales may be cut in half but that still means half of your customers are continuing to buy.  The key is to find ways that you can reach those fewer buyers and generate more sales.

B-to-B Marketing Fundamentals Don’t Change


Wish lists for b2b marketing and sales should be put on the back burner.  These can be implemented into your marketing budget when the economy becomes stronger and you have the funding.  Determine which b2b marketing campaigns will have the largest impact on sales and leads.  Keep these at the top of your list.

With marketing budgets tight, trying to reach the entire consumer marketb2b-Business is impossible.  Focus your b2b marketing campaigns on product benefits, features and applications to a targeted group of prospects.  Use your b2b marketing dollars wisely for those short term results.  If you have an website, this can enhance your company image.  You want to take a look at which marketing campaigns worked in the past and what did not produce any or enough sales.

b2b-SalesThere are 16 proven techniques for better B2B sales leads generation with print advertising.  When dealing with a media rep ask for stats on the percentages of subscribers.  It is better to advertise in one or two magazine publications with more readers than spreading your advertising dollars throughout numerous publications that will not benefit you in the end.

Boosting your company’s sales with B2B marketing attending tradeshows.  Be selective on choosing which ones to attend due to the cost.  You can reduce costs by choosing a smaller booth and speaking with your dealer, distributor or people that resell your products.  This helps with staffing your booth with your own employees.  You also want to notify the attendees to stop by your booth when attending the tradeshow.

B2B Marketing

Another b2b marketing technique is to consider having a website built for your company that can reach millions of visitors a year.  You can promote your products or services to other businesses that otherwise may not no you even exist.  Select a marketing company that can assist you in submitting your site to search engines and choosing the correct keywords.  You can list special offers and call to action on each page.

I listed just a few ideas about b2b marketing.  Focusing on ways to reduce your costs but finding programs where your efforts will get you results.  You should never completely slash your marketing budget where you do not advertise your companys products or services.

B2B Marketing is Boring, but Doesn’t Have to Be

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Detailing Company Formations

Posted by L & R Promotions on May 18, 2010

Company Formations – An Introduction and Choosing the Right Company

Are you looking to start a small business, company or expanding your existing business?  Learn how to do market research for your new company formation.  First you must ask yourself which type of business do you want to develop and what type of identity do you want to Company-Formationcreate.  If you are going into business alone, you may want to consider sole proprietorship.  This type of company formation can be operated as a DBA and by your social security number or file for an Employer Identification Number also known as an EIN.  This company formation does place more legal responsibility on you.  Consider all the options when choosing which business formation.

 

Company Formations Advice – Choosing a Company Name 

Another company formation maybe a partnership with two or more people operating the company.  There are several different partnerships to consider, limited or general are the most common.  You want to select others with the same business goals and someone who you can work well with and willing to take on the responsibilities of the financial burden and be held accountable.  Some partnerships are set up as a Limited Liability Company.  There are some costs involved in this company formation but it also gives you an umbrella of liability protection.  Seek legal advice before setting up any form of partnership, an oral agreement would not be recommended.

Company-Formation-BoardIncorporating your business maybe another option, but this can be complex.  There are much more costs involved than the other two options.  This is where you have a stockholder or a group of stockholders controlling the company.  This company formation holds annual and regular scheduled meeting of stockholders for the board of directors where the minutes of the meetings must be documented outlining their business decisions.  Corporations are normally set up as a C or S Corporation. 

Company Formation 

Company-FormationsYou ask yourself which company formation is made simple, quick and inexpensive.  Take the necessary steps in seeking professional help with an accountant and possibility an attorney.  They can take you step by step in determining which company formation may best suit your needs. 

 

 

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Tax Deductible Expenses

Posted by L & R Promotions on May 11, 2010

Deductible-Tax-ExpensesHow many people really know which type of expenses they may use on their tax returns for tax deductible expenses?  Many itemize their tax deductible expenses may only know a small amount of numberous tax deductions that are allowed by the IRS.  For the average household with no assets to deduct this may not matter, but for someone operating a small home based business could mean paying in more taxes than are necessary.  They would need to compile a list of tax deductible expenses.  Some information can be found online but having a professional accountant guide you through this can be very helpful.  Not having the understanding of itemizing your deductions could be the down fall of a home based business.

Basics of Tax Deductible Business Expenses


Basics of Tax Deductible Business Expenses — powered by eHow.com

Get to recognize the high seven tax deductions for home businesses.  These must qualify as an expense that is incurred by conducting or business associated with a trade or profession and type of expense that is ordinary and or necessary in operating the business.  A  tax deductible expense cannot be excessive given the set of circumstances pertaining to the expense.

Tax-Deductible-ExpensesYou can determine what does and does not qualify for a tax deductible expense.  Search for your state revenue agency or IRS online.  Many government agencies will list guidelines that can help you to catagorize your expenses and determine which ones are tax deductible and which ones are not.  You should be able to print the documents that you locate online or request hard copies by phone to be mailed directly to you.

Often Overlooked Tax Deductions

Another option is to seek a professional accountant for income tax tips for year 2010.  Many attend refresher classes in December before starting to prepare tax returns for the tax year.  They not only know about the currentDeductible-Expenses-Tax tax laws and what is allowed for tax deductible expenses, but are knowledgeable on how state and federal agencies interpret certain deductible expenses.  This takes the guess work out of whether or not an expense is tax deductible or not.  Just taking the time to find out as much as possible on which tax deductible expenses are allowed will make it much easier and less frustrating when filing your annual tax return.

Expense Tracking Made Easy 

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Trade Show Booth

Posted by Josh C. on May 3, 2010

Testing your concept of your trade show booth before exhibiting is veryTrade-Show-Booth important.  There are survival tips for working a trade show booth.  Investing alot of time and money for a trade show booth can be very nerve racking, especially when businesses are watching every penny.  This is why most businesses do not attend exhibitions and may miss growth opportunity.  Most elements can be tested before using your display at an exhibition.

 

How to Make a Great Trade Show Booth


 

Trade-Show-Booth-DisplayLearn how to maximize your trade show success. You need your trade show booth to be informative and memorable.  You want people to remember your content or message.  Using banners and displays within your booth can be very effective.  Having catalogs, business cards and even flyers will give your visitors to your booth an opportunity to take along your company information.  Which promotional items to consider is the big question.  So before your purchase hundreds or thousands of one or several items, order a small quanity and give them out to your current clients and gauge their reaction.

Trade Show Display Truss Exhibits and Displays

Try attending a trade show booth before signing up to exhibit and you will see some vendors that have games, contests or some other attraction that pull attendees into their booth.  Watch for specific areas when most attendees gather, is it a certain isle, or space in the isle.  Maybe it is at the beginning or end of the isles.  Not all locations for a trade show are the same.  When you sign up to exhibit always ask the show coordinator how many attendees sign up for the show and how many actually attend.

Booth staff can make or break your trade show success.   This is one more element of your trade show booth that you should take into consideration.  Training your sales team and know how many booth staffers your will need.  Which are the best people to represent your company.  You want your sales and service deparments to be represented.  Elect one person to oversee your booth staff and write a plan for your team.  Having your staff well dressed and groomed in your trade show booth is very important.

Tradeshow-Banner-StandsTaking a few steps in educating yourself in designing and displaying your trade show booth can have rewards in the end.  Just performing some research and learning how to be successful at a trade show can mean the difference in recouping your investment and losing it. 

 

 

 

How to Setup a Home Based Business Trade Show Booth 

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Promotional Marketing

Posted by L & R Promotions on April 27, 2010

During this economic downturn the economy can have a major influence on your business, promotional marketing can still be effective.  Many companies prepare for a loss in sales and ways to cut costs, while one of the first departments that are cut is from their marketing department.  This is one area that should not have cuts but instead focus on the effectiveness of your promotional marketing.

Promotional Marketing Products: Sales Packaging Inc.

Promotional-ObjectiveAlways look at your promotional marketing concept and approach.  Choosing the right promotional products that people will keep instead of throwing away.  If you give a customer a cork screw that is not used everyday this will not reinforce your company name with your customer.  Look at your customer base you are trying to target and select items that way.  All men, all women this is your starting point.  Next is which items would be more useful to them that they would use daily and last for a few years:  travel mugs, pens, calendars, healthcare items and thermometers.Experiential-Marketing

Where does the marketing start?  With your message that is imprinted. Getting the word out using promotional products is more than an item with your company name and logo but a message thanking your customer or call to action. You can reward your customers for their patronage or target new potential customers with a message. 

 

3D Pop Up Promotional Flyer

b2b-MarketingYou can create a powerful promotional marketing campaign and measure your success.  First ask customers how they heard about your product or company.  You can imprint a special code, message or website url on the promotional item so that you will know when people have contacted you through your giveaways.  Know where your leads are generated from.  Tracking your promotional marketing is critical.  Some marketing campaigns run for days, weeks and even months.  Keeping flexible during the long campaigns enables you to make changes to get the most impact.

B-to-B Marketing Fundamentals Don’t Change

Finally, keep promoting your business around the holidays by sending your existing customers a special thank you gift, send your best customers a birthday or anniversary gift and don’t forget to promote your business internally by giving your employees a gift at their anniversary year of employment for putting in the most time or effort in making your company prosperous.

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