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Business

Feb 26
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13 Things You Didn’t Know You Could Write Off

By Business, Money Management, Taxes No Comments

Syndicated | Create & Cultivate

If you are a business owner, check out this great information from Create & Cultivate about 13 Things You Didn’t Know You Could Write Off. Be sure to consult with your Tax Professionals for details regarding these and other tax strategies.

time for taxesTax season is officially here. Before you start panicking about getting your receipts together and setting an appointment with your tax preparer, we’re here to help ease some of the stress before you even make the call. Sure, taxes can be a drag, (or something to look forward to if you know you’re bound to get a tax refund), but if you’re like most independent contractors or freelancers, you might have to owe a hefty amount of money back to your state and the IRS.

However, there are so many things tax payers fail to claim in their yearly taxes that could definitely help ease the fees that you owe back. To help you get a tax break, we’ve listed some of the most overlooked write-off items that people fail to claim.

Out-of-pocket charitable deductions

If you contribute to your community and help with charitable work, or give charitable donations that include out-of-pocket costs, your good deeds may be rewarded with a tax write-off. If you’ve donated food for a soup kitchen, bought clothes for a women’s shelter, or even driven your car for charity, make sure to keep those receipts as they can work as a great tax deduction.

Job hunting costs

Job hunting can be time consuming, and without realizing it, you spend money heading from interview to interview. If you’re unemployed, and you’ve spent money on transportation, printing new business cards or resumes, or have paid a hefty amount to an employment agency to help you land a job, you can definitely deduct these and other qualifying expenses this tax season.

Moving expenses for your first job

Once you’ve moved past the job hunting phase and have landed your dream job on the other side of the town, or even the other side the country, you’ll need to move closer to your job. If you’re moving farther than 50 miles away, you can write-off your moving expenses this season, including transportation.

Child care credit

If you have to leave your child, who is filed as your dependent under 12 years of age, with a sitter or at a daycare while you’re at work, your child care expenses can serve as a tax credit, up to $3000.

“Smart” tax

If you are going back to school to sharpen your skills, are taking special courses for work, or have bought literature (books or magazines) that are relevant to your field of work, make sure to mark these as your “smart taxes.” Which, goes to show that any money that you spend on your education is always an investment.

Baggage fees

Did you know you can get those annoying baggage fees right back into your pocket? Save the airline receipts from any checked baggage that you had to pay for, and mark them as a deduction when you file.

Energy-saving home

If you’re eco-savvy and have turned your house into an eco-friendly home in the past year, you can be rewarded with a great tax credit for your improvements. We know you went for paperless last year, but in this case you might want to keep those paper receipts.

Financial advisor/accounting

If you have a financial advisor, tax preparer, or even paid to use a program like Quickbooks or Intuit to manage your finances and taxes, you can deduct those fees for the year in which you payed for them. If you still have your receipts from paying your preparer or the programs that you bought, make sure to include those in on your deductions!

Healthcare for self-employed

If you’re a boss lady of your own and are paying your own bills, like your own healthcare, then make sure include … (continue reading 13 Things You Didn’t Know You Could Write Off by Create & Cultivate)

 

Dec 30
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Madam Money Empowers Women Entrepreneurs in Washington DC

By Business, Money Management, Women's Wealth No Comments

On Saturday, January 13, 2018, Madam Money presents the 4th Annual #WomensWealth B.O.S.S. (Business Owner Success Strategies) Brunch to educate, empower, and engage women entrepreneurs and professionals. The event will take place at Clyde’s at Gallery Place in Washington, DC from 9am – 3pm.

Women entrepreneurs are ever growing enterprises globally. Although influential, women entrepreneurs and professionals face unique challenges and require special solutions that accommodate their lifestyle and family. Many women entrepreneurs are  SOLOpreneurs (Sole Proprietors / Self Employed) or DUALpreneurs (Full-Time Professionals who are Entrepreneurs) and have the same challenge: TIME.

#WomensWealth BOSS Brunch Founder, Tarra Jackson, aka Madam Money, and host Recharge Specialist Chere M. Goode, will feature expert speakers and a Powerhouse panel on Building a 7-Figure Success Team to Increase Profits in 2018. Keynote speakers include International Speaker Cheryl Wood, Sales Cardiologist Che Brown, and the Billion Dollar Brand Man Trevor Otts, as well guest speakers Michael A. McFadden, Lachelle Barnett, Crystal Marie Young-Lewis and Erica Reed.

BOSS Brunch is excited to announce media partner Upscale Magazine.

The event will take place at Clyde’s at Gallery Place, 707 7th Street NW, Washington, DC 20001. Purchase Tickets at special rate of $79.00 using Promotional Code BOSS (Normal Ticket $99.00 per person). For more information, go to www.bossbrunch.net.

Aug 30
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What Cardi B Taught Me About Making Money Moves

By Business, Money Management No Comments

Cardi B hit the music industry by storm with her song “Bodak Yellow.” But don’t get it twisted, she’s been in the entertainment game for a long time. To be honest, I didn’t know who Cardi B was until I saw her name trending on Twitter. After hearing “Bodak Yellow,” I was hooked and a new fan. I’m not sure what everyone else got from the song, besides a catchy hook, but her story in her song reinforced a few lessons about money and business moves.

Here’s are the lessons Cardi B reinforced about “Making Money Moves.”

Change Your Mindset to Change Your Money

“I don’t dance now, I make money moves. I don’t gotta dance, I make money moves.”

Yeah, Cardi B was a stripper and her dance moves may be what made her money. However, when she advanced out of the nocturnal ballerina game to the world of social media, television and now the music industry, her focus is on making money moves. That requires a major mindset shift. Having a Money Moves mindset means thinking big, setting goals, and making better decisions when it comes to personal and business finances. So, change your mindset from “your current financial situation” to what you want and where you want to be, financially.

Pay Attention to Your Bank Accounts

“And I just checked my accounts, turns out, I’m rich, I’m rich, I’m rich. I put my hand above my hip, I bet you dip, he dip, she dip…”

Checking your bank accounts often is a part of money management. Knowing how much is coming in, and more importantly, what is going out of your bank account will help you control your finances. Whether you call it a Budget or Spending Plan, tracking your spending and naming your dollars will help you get excited about checking your accounts. Use Mobile Apps like Mint to make money management easier and fun.

Buy Nice Things You Want When You Can AFFORD It

“…These expensive, these is red bottoms, these is bloody shoes. Hit the store, I can get ’em both, I don’t wanna choose …”

Buying nice things is not a problem when you can afford them. Many people buy stuff to look “rich” or look like they have more than they really have. Let’s face it, buying a $200 purse without having $200 or more in the bank is not cute. However, if you want to buy those haute shoes or that Michael Khors bag, save UP for it instead of using credit. Rule of thumb for small ($100 – $1000) or medium ($1000 – $5000) purchases: have the amount more in your savings account than the cost of the item your want to buy. That way, you can buy the things you want guilt-free and “you ain’t gotta choose.” 😉

Be Intentional About Your Actions and Outings

“You in the club just to party, I’m there, I get paid a fee. I be in and out them banks so much, I know they’re tired of me.”

I learned the easiest and fastest way to lose your money is to go to every networking event without a purpose. Not every networking event or meeting is right for your bank account. Look for opportunities that will positively add to your life, business and bank account.

Comment the “Money Moves” you learned from Card B below.

Apr 10
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How Crowdfunding Could Help Your Business

By Business, Money Management No Comments





Crowdfunding campaigns are becoming increasingly popular for businesses of all sizes. While traditional investors or backers can be difficult for a company to get, crowdfunding allows future customers or clients to invest in something they would like to see happen.

Through a crowdfunding campaign, you ask customers, donors or excited mini-investors to contribute a certain amount of money to your idea. In exchange for their contribution, you provide them with an exclusive deal or item. The more money they contribute, the larger the “prize.”

There are a number of reasons why crowdfunding has gotten so popular, with one of the largest being that it gets the target audience involved and excited about seeing a project come to life. Crowdfunding builds excitement around an idea and gauges customer support before a company invests in an idea.

Companies that run successful crowdfunding campaigns may see many different benefits. If you’re considering using a crowdfunding campaign to raise money for your next project, here are a few benefits you may experience.

Crowdfunding Boosts Brand Awareness

While you may already need a solid following to run a successful crowdfunding campaign, this kind of fundraising strategy can really get your business noticed. Crowdfunding websites like Kickstarter and Indiegogo feature popular campaigns and allow visitors to search through specific categories or ideas, increasing your chances of getting noticed by donors.

A crowdfunding campaign can also help boost your brand awareness by giving your loyal customers something to share. When they’re excited about the product or service you’re hoping to create, they’ll get their friends and families excited as well. This boosts your exposure and can bring in some new long-term customers.

Crowdfunding Minimizes Risk

When you introduce a new product or service to the world, there is always some level of risk. If you don’t do proper market research, your idea may flop – meaning you’ve wasted precious time and money creating something no one wanted.

But crowdfunding minimizes that risk. Because you’re asking for donations directly from the individuals who would eventually purchase the product or service, you know whether or not the demand is strong enough to follow the project through. If you reach your crowdfunding goal, you can expect to see a successful project. If you fall short, you’re not terribly inconvenienced.

Crowdfunding Allows You to Stay Out of Investors’ Pockets

Many entrepreneurs struggle to get the money they need to grow their company without having to forfeit part of their ownership to an investor. The more an investor owns, the more control they have over the way the company is run. If an entrepreneur gives up too much, they may see their business slip out of their fingertips.

Crowdfunding presents an alternative to traditional investors. Because crowdfunding donors only expect to see the project come to life, entrepreneurs can get the money they need while holding onto their company. Many non-profits also turn to crowdfunding to raise money for their services. Because crowdfunding gives the community an opportunity to contribute, it can help many non-profit organizations meet their goals.

Crowdfunding Gives Your Community a Say

Traditionally, businesses would create a product or service and then create a marketing campaign telling their audience why they need to purchase that product or service. While this process has worked in the past, the internet has made it more accessible than ever for customers to discover what they really want. This puts the power back in the customer’s hands.

Crowdfunding allows a company to collaborate with their audience to create a product or service their audience is truly looking for. Because the product is not completed and the customers are funding the project, they can provide feedback, tips and questions. The entrepreneur can then apply this opinion to their final product.

Crowdfunding Helps You Stay out of Debt

Going into debt can be a death sentence for many entrepreneurs or small businesses. While some debt may be necessary for getting off the ground, if you’re unable to pay off your loans, you may find your business being shut down before you really got a chance to get started.

Crowdfunding allows you to minimize your debt while you’re in the growing stages. Through pre-selling items, offering low-cost incentives for donating and gauging the amount of interest in your new company or product, you can better budget and plan for the company’s start. This can prevent you from needing to borrow money from a bank or business loan provider.

Creating a crowdfunding campaign has the potential to completely change your business. If a campaign really takes off and becomes viral, you could have a stream of loyal clients before your company really gets off the ground.

When deciding whether or not crowdfunding is right for you and your business, consider these benefits. While they are not guaranteed to every entrepreneur that runs a crowdfunding campaign, the right strategy, marketing and planning could bring your business the boost it needs.

Anum Yoon is a personal finance blogger who started Current on Currency. She hopes to empower people to take control of their own finances. Sign up for her weekly money newsletter here.

Feb 24
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Hate Your JOB? Here’s how to ReNew the Love of What You Do!

By Business, Money Management No Comments





If you are working a 9 to 5 and you feel like you are in JAIL and still “Just Over Broke,” I completely understand. Check out my recent Facebook Live where are shared some simple and practical ways to “ReNew the Love of What You Do” to break free without quitting your job prematurely.

Recap:

  1. Reset Your Mindset
  2. Perspective Is Everything
  3. Negotiate Your “Contract Renewal” during annual Performance Evaluation

Share your thoughts and other ways to #ReNewYouAtWork below.

Nov 11
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Starting Your Own Business While Working Full-Time

By Business, Money Management, Women's Wealth No Comments

Syndicated: UpscaleMagazine.com




Bootstrapping with a paycheck is a mode of entrepreneurship that has become a major trend. Entrepreneurs are starting companies in droves while still holding onto their full-time jobs.

Two interviewers, Amina Elahi from the Chicago Tribune and Katherine Harvey from Union Tribune San Diego, recently asked Sramana Mitra the same question: If you are bootstrapping a startup with a paycheck, when is the right time to quit?

Here is what Sramana told them:

starting-a-business-while-working-full-time-by-ryan-robinson-620x413Q: How can an entrepreneur know when it’s time to make the leap to full-time self-employment?

A: This is a personal choice that depends on your life circumstances, but at the minimum, you should definitely validate your business idea and determine whether it’s going to generate money. Talk to customers and make sure they’re buying. And keep in mind that most venture capitalists will not fund you until you’re running your business full-time. Before you go out to raise money, you’re going to need to quit your day job.

On this subject, there are two other relevant questions to consider:

Q: Should bootstrapping employees tell their bosses about their side businesses?

A: A lot of people are actually disclosing, and the bosses are quite fine with it. In the tech industry, employers are encouraging employees to become more entrepreneurial. It’s considered a plus, not a minus. We are working with a bunch of companies, for example Oracle, where they are running corporate incubation programs. They’re asking employees to become entrepreneurial and call it Intrapraneurship. Corporations are willing to … (continue reading Starting Your Business While Working Full-Time)