Stax Payments

BLOG – FattMerchant (now Stax Payments)
Written by: Tara Crary

Website:  https://staxpayments.com/

How to Make Your Own Luck as a Business Owner

We’ve all heard the old adage, “Luck of the Irish.” Over time the association to this expression has grown to become a coveted principle that most people — and especially business owners hope will apply to them. As St. Patrick’s Day approaches, we look at ways that business owners can make their own luck and grow a profitable business.

1. Identify Opportunity — and DON’T let it pass you by: Thomas Jefferson once said “I’m a greater believer in luck, and I find the harder I work the more I have of it.” As a business owner, creating luck comes with finding opportunity. Being open minded to new possibilities, products, services, etc. that your company can offer can welcome in a “lucky break” that will help your business grow. You want to be sure to capitalize on new opportunities as they arise be it a new partnership, vendor or product. Opportunity can be around the next corner and can be as simple as being in the right place at the right time. Be ready to seize opportunity!

2. Be Prepared: When you are lucky enough to have growth opportunities in business present themselves, make sure you are prepared. This goes hand in hand with identifying and seizing opportunity as mentioned above. Take calculated risks and don’t be ready to take the necessary steps to move your company forward.

3. Accept Help From Others: Although most business owners wear multiple hats any given day, it is important to realize that you don’t know everything and to trust others to educate you and take on tasks that you cannot. You may be lucky enough to have a superstar employee that comes up with the next great money making idea given the opportunity to take over the reins of their specialty area.

4. Be Flexible: In many cases luck is all in the timing. While it is important for businesses to have goals and benchmarks for achieving them, luck has a tendency to arrive on its own time. Being flexible is key so that when a new opportunity presents itself, goals are modified accordingly for the better.

5. Don’t Fear Failure: Fear is perhaps the biggest killer of luck and opportunity. If we let the possibility of failure rule our lives and business decisions, nothing gets accomplished. Just think, if you succeed you can say you were lucky. If you fail, you simply move on to the next opportunity where you may have “better luck next time.”

 

At FattMerchant we consider ourselves lucky to provide customers with the best merchant services solutions. When considering a merchant services provider it is important to make sure that technology is working both with and for your business. Find out how we can help your business by contacting us today: www.fattmerchant.com

 

BLOG – FattMerchant (now Stax Payments)
Written by: Tara Crary

Website:  https://staxpayments.com/

A Dozen Tax Deductions Your Business Needs To know

Every year countless businesses overpay their taxes by overlooking various deductions. While tax deductions may not be a dime a dozen, there are many out there that can save your business added expense. With tax season upon us, here are a dozen tax deductions* your business needs to know:

1. Auto Expenses/Mileage: Almost everyone uses their car for business and many businesses have company vehicles that afford tax deductions. Make sure to keep track of how often the vehicle is used for business purposes and claim the business use at the end of the year. You can also deduct your mileage at the current standard mileage rate plus any business related tolls and parking fees incurred.

2. Accounting/Professional Fees: Your bookkeeping fees, fees that you pay to tax professionals, lawyers and consultants can generally be deducted for the year the services were provided.

3. Advertising/Marketing: The cost of that new website, business cards, sponsorships, ads in trade publications, etc. are tax deductible as ordinary advertising of your goods and services.

4. Travel: You can deduct many expenses associated with business travel including, plane tickets, lodging, meals, shipping of business materials, telephone calls, taxis/transportation, etc. If you mix business with pleasure be sure to only deduct your own expenses under the business.

5. Telephone: Many businesses and their staff rely on cell phones. If you use your mobile phone for business purposes, you can claim your business calls as a tax deduction. Same goes for landlines. Be sure to highlight business calls when the bill comes in each month to keep track.

6. Collections/Bad Debt: If your business sells goods you can deduct the cost of goods that were sold and not paid for. However, if your business provides services, no deduction is allowed for services provided that were not paid for.

7. Interest: If your business uses credit or a business owner took out a personal loan to finance business related purchases, the interest charges are tax deductible. Careful record keeping is critical to outline business expense.

8. Moving Expenses: You may be able to deduct some moving costs if the move was business related.
9. Office Equipment: Copy and fax machines, computers, etc. are tax deductible. You can take the deduction up front or depreciate the items over a specified time period. 

10. Education Expenses: Education expenses related to your business or occupation to improve or maintain your required skills are tax deductible, providing that certain criteria are met.

11. Business Association Membership Dues: If you own a business, the dues you pay to professional, business, and civic organizations are deductible business expenses. Examples include: trade associations, local chambers of commerce, bar associations, real estate boards, medical associations and other professional organizations.

12. Charitable Contributions: We thought we’d end on the win-win of charitable contributions. Not only do charitable contributions help those in need, certain types of businesses can make a charitable contribution and pass the deduction through to you to claim on your individual tax return.

For more information on tax deductions for your business, please visit: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Deducting-Business-Expenses.

At FattMerchant we pride ourselves on educating our customers in everything we do. When considering a merchant services provider it is important to make sure that technology is working both with and for your business. Find out how we can help your business by contacting us today: www.fattmerchant.com

*FattMerchant and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.