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5 Signs You Need a Business Coach for Your Home Services Business “I thought running a business would mean more freedom, but I’m putting out fires left and right. Where’s the freedom in all of this”? You said to your friend. Your fellow business owner’s friend laughed and said, “You sound like me from last […]
Apply These 5 Secret Techniques to Improve Bookkeeping for Landscaping Business Let’s say you own a landscaping business called Green Landscaping. It’s early spring, and your schedule is packed, but you want to do the taxes. However, you realize there’s a roadblock; you can’t seem to understand anything. Instead of focusing on blooming […]
Can You Write Off Construction Costs? Writing off construction costs depends on the nature of the work and how the property is used. Both the IRS and CRA have specific rules on when and how these costs can be deducted. In the US, most construction costs for buildings or significant renovations are considered capital expenses, […]
Phantom Equity vs. Profits Interest Phantom Equity and Profits Interest are both ways to offer employees or partners a stake in a company without giving actual ownership. Phantom stock, also known as phantom equity or shadow shares, is a cash-based compensation plan that mimics actual stock ownership without granting real equity in the company. Employees […]
Starting a Painting Business with No Experience? Read the 10 Easy Ways Your friend started a painting business, and they are killing it. You are also thinking of starting your own, but the idea of starting a painting business with no experience haunts you. Halloween is over, so there shouldn’t be any haunting ideas because […]
How to Write Off a Boat as a Business Expense? You can write off a boat as a business expense, but the IRS and CRA have strict guidelines. The IRS permits deductions for boats as long as they are used for business purposes, and you need to provide detailed records to qualify for deductions. The […]
Mortgage Restructuring Mortgage restructuring is when a borrower and a lender can modify the existing mortgage terms. This can involve extending the loan term, changing the payment schedule, or lowering the interest rate. For instance, a homeowner can negotiate the mortgage term from 15 to 30 years. The whole idea of mortgage restructuring is to avoid […]
How To Start Electrical Business on a Budget? Another day of hard labor has passed, and as you sit down, maybe with coffee in hand, a thought crosses your mind: “What if I can start my own business?” But then other thoughts about where to start, costs, and how to compete with your peers’ flood […]
Is coffee a business expense? Coffee can be considered a business expense if it’s for client meetings, team gatherings, or provided in the office. However, grabbing a coffee on your way to work is not a business expense. For instance, buying coffee for a client meeting at a café is likely deductible as a business […]
The A – Z of Tax Deduction Checklist for Realtors “Did you remember to include your phone bill in this year’s deductions?” “Wait… we can deduct that?” “Yep! And don’t forget the mileage, the home office setup—oh, and all those coffees with clients!” This is a general conversation between two realtors during tax season. One […]