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Newspaper-300x225Every business needs to get their name out there. Without visibility you don’t have clients. Without clients you don’t have an income. Without an income, well why are you even in business in the first place? The business world is constantly changing. And you need to stay on top of things or else you will be left with nothing but Yellow Pages ads in a world where Google search engine rankings are all that anyone cares about. If you want to maintain a viable player in your field, follow these tips set forth by your accountant in Billings, MT.

 

 

 

Becoming More Visible as a Business

There are a number of different ways to spread your name around. They are more than just advertising, and you can’t just pick one. You need to keep at the top of your game across multiple methods. Here are a few that have great success.

Google – There are two ways to get to the top of Google. You can pay for an AdWords campaign to put your website at the top of the list when people search for specific keywords. Most of the time people skip right by these ads. The alternative is to organically build your site to be search engine optimized. This includes a lot of content, and some other SEO techniques.

Pay Per Click – You need exposure. One way to do that is to set up a pay-per-click ad campaign targeting local site. Your local news sites will host your ad, but you only ever pay if someone actually clicks on your ad. This drives traffic to you website, and hopefully results in paying clients. You need a great website to convert those visitors to clients.

Media – Many businesses will benefit immensely from media advertising. This is printed ads in the paper, radio spots, TV commercials, and more. These ads are not for everyone, but they can benefit certain businesses immensely.

Networking – One word that many professionals hate is networking. But if you get into the right networking group, you will be rewarded greatly. For instance, Biz to Biz is a fantastic way to generate leads and pass referrals.

Partnering – Some businesses will benefit greatly by partnering with related businesses. For instance, if you are a graphic designer, you may benefit by partnering with a marketing company. You take your information to that company, and the next time they have overflow work, they push it your way. It’s a win-win for both of you.

Online Reviews –Something under-utilized, especially here in Billings, are Google reviews. Every time you have a satisfied customer, give them a card with your information and ask them to write a review for you on Google. You can offer small bribes such as a free coffee to a local kiosk to get a better response rate.

Outsourcing the Right Parts of your Business

Because you are a busy professional, you likely don’t want to take the time to make sure that your business is getting the right visibility. This is where it is important to outsource certain aspects. For instance, how many hours per month do you spend on payroll services? That is something your accountant in Billings, MT can do so you can focus on running your business. Outsourcing your marketing to the professionals is not only easier, but gets dramatically better results. A highly visible business is a profitable business. Where are you lacking?

Practical Taxes is a full service accounting firm in Billings, MT. If you need help with your bookkeeping, online payroll services, business consultation, or just simple tax preparation, we are here to help. Call us today at 406-894-2050 to learn more about how we can help you.

Business-Taxes-300x199There are two types of people in this world: those with an entrepreneurial mindset and those without. Neither is better than the other, it all has to do with their desires and their goals. There are tradeoffs to each method of making a living. As an employee you don’t have to worry about all the stress a business owner does, plus you can get some other great perks and benefits. Running a business can take a whole lot more work, and there can be some extremely stressful aspects, but watching your business grow and the unlimited income potential can make it all worthwhile. But want to know the hardest part of running a business? Your accountant in Billings, MT fills you in on what you need to know.

 

All of the Aspects of Running a Business

When you are an employee, you have one job to do (often that job entitles many different duties, but for the most part you have one job). As a business owner, that is often not the case. In the beginning you have to be the CEO, the president, the HR director, the bookkeeper, the manager, the service technician, customer service representative, payroll clerk, and the list goes on and on. Because there are so many different jobs and duties to perform, many businesses fail. They try to do it all themselves, and fail to realize that hiring out portions will end up making them more profitable along the way. For instance, instead of trying to complete payroll services on your own, let an accountant in Billings, MT that specializes in payroll services to do that part for you. But wearing all of those hats is not the hardest thing about running a business.

Even when you get your business fine tuned, and you have outsourced what you need to outsource, there is still one major concern when running a business. You have to make sure that you have cash. Now there are a few different ways to get that cash, and depending on your business and its size and service, one may be better than another. Some people turn to investors to provide a huge lump sum of cash all at once in exchange for equity in the company. Others will turn to a bank to provide a loan and that debt is repaid over time. Still others will bootstrap and rely on sales to bring in a consistent and steady cash flow. Without cash, without an income, a business is doomed. No matter how smoothly things are running, a sudden halt in cash flow can cause any business to shut down. But keeping cash flow at a maximum is still not the hardest thing about running a business.

Every business is going to be different. Even if you are an accountant in Billings, MT, your business is going to be different than all of the other accountants in Billings, MT. Your specialties will be unique, your clientele will be unique, your marketing will be unique, and your troubles and trials will be unique. While there are some aspects that you can look at other business models and get the answers, many will be your own problems. Building a business doesn’t have a recipe that you can follow; there are no step by step instructions for running a business. The hardest part of running a business is that there are hard parts about running a business. And there are no clear answers.

Making the Most of Your Team of Advisors

To take the burden off of you, you need a team of advisors. This means you need an accountant that can handle your taxes, your payroll services, and your bookkeeping. You need a marketing expert to handle your PR, advertising, and other marketing ideas. You need a financial advisor to help you manage your money. You need an IT person to manage your website, including a content writer to search engine optimize your site.  A+ Accounting & Consulting can help with some of that.

Practical Taxes is a full service accounting firm in Billings, MT. We can help take the burden off of you so you can focus on running your business and making money, instead of worrying about another hat to wear. Contact us today at 406-894-2050 to learn more.

Business-Meeting-300x199The dream of many is to run their own business. They have a great idea, and to watch that grow and blossom, all while providing them an income, sounds like the most amazing thing ever. The sad truth, however, is that many of these business owners will never even take the first step. They have the idea, but it only ever remains an idea. Those who do take the first steps to starting their business will often see defeat. It is not because their idea is terrible; almost any idea CAN work. It is because they make this one mistake, and it costs them dearly. Your accountant in Billings, Montana explains how business owners set themselves up for failure.

 

The Biggest Mistake that Business Owners Make

Most businesses start out on shoestring budgets. They don’t have the resources to hire out a lot of their work, and as a result, they stretch themselves thin. They have to run their business, as well as play all the other roles out there. So where do they err? Do they neglect the business in order to be a manager? Do they neglect their payroll services in order to run the business? Do they try to market the business but forget about bookkeeping? The answer is yes; business owners’ biggest mistake is not having a team of advisors.

Consider this: when the president has to make a decision, even a small one, do you think he does an internet search and bases his decision on what other people in XYZ forum say? Of course not, he surrounds himself with people far more intelligent than he is, and takes their advice.

When the CEO of Exxon has to make a decision for the company, do you suppose he looks over charts and says “I bet this will work”? Absolutely not. He consults his accountants, lawyers, managers, and executives, and then bases his decision off what they tell him.

So why do owners of small businesses try to do everything on their own? It is the difference between scarcity and abundance thinking. The scarcity thinker believes that by doing the work himself or herself, money will be saved. The abundant thinker knows that by enlisting the help of others, so much more money will be made that the amount spent will seem miniscule.

If you are a business owner, avoid the costliest mistake out there. Avoid trying to do everything yourself. Enlist the help of an accountant to do payroll services. Enlist the help of a marketer to design and advertise. Enlist the help of a writer to create search engine optimized web content. Enlist the help of an assistant to manage your calendar and make phone calls. This leaves you free and open to build your business and grow it to where it needs to be.

Practical Taxes Can Help Your Business Grow

Do you want your business to grow? Of course you do, why else would you be in business? Here at Practical Taxes we do just that. We provide business consultation, online payroll services, and much more in order to take you from a stagnant point, to a flourishing small business owner. Call us today at 406-894-2050 to set an appointment to learn how to grow your business.

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Every business owner has a set of expertise. They know their business and everything that goes into it. Unfortunately what goes along with owning a business is the fact that you have to not only be an expert on your product or service, but you have to be an expert manager, owner, accountant, human resources, and a whole host of other job titles. At least that is how many people view running a business. In reality, there is no need to try to do everything yourself. In fact, with the internet available, you can outsource nearly every service imaginable: you can get online payroll services, online human resources, online bookkeeper, and many more. Read on to learn how your accountant in Billings, Montana suggests outsourcing the different aspects of your business.

Services to Outsource

Payroll Services – Payroll services is a huge aspect of a small business owner. You can’t afford to have an in-house accountant that is double checking everything and cutting the checks. So instead, you should outsource it. Why put aside your business in order to play accountant every two weeks? With the internet available, you can get online payroll services from Billings, even if you live in Atlanta, Georgia. The best thing is, you pay the low rates we charge here in Montana.

IT and Computers – Most people are “ok” with computers. But if something gets a bug, or if you need some special networking software installed and configured, your best bet is to hire someone to do that for you. Unless your computer is totally out of whack, you can get almost all of these services done online. A specialized program will allow the IT worker to access your computer remotely.

Appointment Keeping and Setting – A virtual assistant is a no-brainer for the busy business owner. For just a few dollars per hour you can hire someone from overseas to do all of the busy work that you hate doing. For a little bit more you can hire someone in the states to help you set appointments, make reminder calls, and much more.

Data Entry – Just as the virtual assistant can help you make calls and keep your calendar, they can do those other time consuming tasks that you don’t have time for. Need someone to compile an email newsletter list? How about a direct mail list? What about just entering numbers for the sales of units? Virtual assistants do all of that.

Written Content – Writing isn’t a strong point for the vast majority of people. They have great ideas, but they simply cannot craft them to a well written document with a strong call-to-action at the end. It may be tempting to hire someone from overseas to write your web content at $1 per page, but if you want something well written, go with a writer in Billings, Montana.

Marketing – Most people are terrible marketers. They know they have a great product, and they know people need their product. But how do they make the public aware of what they have to offer? Marketing is part art, part skill, and part logistics. Unless you’re a trained marketing expert, hire someone to do this.

Anything That Doesn’t Earn You Money – Suppose you want to earn $100,000 per year in your business. That means you have to make roughly $50 per hour. If you can hire someone to do the same job for less than $50 per hour (which you can with almost everything), then it is better to hire it out.

Here at Practical Taxes we offer all accounting services. If you need online payroll services, bookkeeping, and more then we can get you a great deal. Schedule your appointment to learn how we can help your business grow by calling 406-894-2050

Leadership-300x200There are many different aspects to running a business. Each one is incredibly important, and without them your business will struggle to stay afloat. Leadership is one of those key aspects. Without a strong leader, your employees won’t understand which direction the company is heading, and they will feel as though they are simply working to collect a paycheck. So how does leadership grow a business? And how do you know if you are a good leader? Your accountant and payroll expert in Billings, Montana explains the details.

 

 

Leadership Defines Importance

Brian Mulroney, the former Prime Minister of Canada, once said, “If everything is important, then nothing is.” Those words ring true in our personal and our professional lives.

For instance, let’s suppose you have a list of chores that need done. That list is a mile long and everything needs to be done. Many people will just start tackling them. Some will start with the easiest first; some with the hardest first. Some will start at the top of the list; others will start in the middle. Everything needs to get done; it is important that everything gets done, but nothing is more important than another. Now suppose you add to the list that you need to remove a tree that is within minutes of falling onto your house. Suddenly there is one aspect that is much more important than the others.

A good leader will be able to define importance; even when there is no clear set of what is more important. A good leader will be able to take that list of chores, and give each one a ranking of importance so that they all get done on time.

Leadership Defines Goals

Without a goal, how will you know when you have arrived? Before you even begin with your business, you need to be able to define your goal and where you would like to be at various intervals. One year from now, where do you want your business to be? 3 years? 10 years?

Defining your goals will give you a clear idea of where you and your company are heading. It will help you know what needs to be done, and it will help give importance to some of those other chores.

The role of a leader is to set those goals, but the leader also needs to be able to help get the company to those goals.

Leadership Develops Strategy

You have your goals; you have a daily list of chores; now you need to know your strategy and how to make everything work together in order to meet your goals.

Strategy is the hardest part of leadership. It involves taking risks, making sure everything is working together, and ensuring that everyone is on the same page.

The strategist helps to instill a sense of worth into employees. Those employees no longer show up so they can collect a paycheck, but rather so they can help the company hit those goals. An employee that has a good leader understands the importance of the strategy that is needed to hit those goals. It is no longer about the paycheck, but rather about the overall good of the company.

How Will You Improve as a Leader?

The hard part is knowing HOW to improve as a leader. We know what a leader is, but how do we get there. There are three steps:

  1. Write it all out. Write your goals and your strategy.
  2. Delegate tasks to your employees. Make certain employees the “go-to” for specific problems.
  3. Lead by example. Show your employees how to do their job instead of telling them.

Take some time today to grow yourself as a leader, and then you can help grow your company through strong leadership.

Practical Taxes Can Help

Here at Practical Taxes, we specialize in business consulting. We know that running a business is hard, and we can help you along the way. Whether you need consulting, payroll services, tax preparation, or more, we can handle your needs. Give us a call at 406-894-2050.

Payroll-services-300x221As a business owner, you have a lot on your mind. As a small business owner, you have even more on your mind. You have to worry about hiring and firing, setting schedules, marketing, bookkeeping, keeping track of inventory, and much more. To top it all off, you have to become a tax professional in order to make sure that your employees are paid on time and the proper amount is withheld from their paychecks. Instead of spending your valuable time on payroll services, let your accountant in Billings, Montana do that for you. But don’t let our location stop you: with online payroll services, we can manage your employee’s paychecks no matter what state you live in.

 

What Are Payroll Services?

Every pay period you have to write some checks. You have to sit down and determine how many hours your employee had, and then calculate out their withholdings based on what they indicated on their W-2. Then you have to submit the right amount to the IRS, and the right amount to your employee. If you are a little late, then your employee gets mad (and you can likely face some stiff penalties from the IRS). If you make a mistake, it is your reputation and company on the line.

Instead of taking all of that risk upon yourself, and instead of wasting your precious time, let A+ Accounting & Consulting do your payroll for you. Our payroll services are fast, accurate, and always at least double checked.

All you have to do is make sure that your employees have recorded their hours, and then you send them in to us. You can walk down and hand deliver a piece of paper that lists out their hours if you would like. The best thing is that we are affordable, prompt, and professional.

How do Online Payroll Services Differ?

With the internet helping to facilitate our lives, there is no need for physical time card or even fax machines any longer. That means you don’t even have to live in the same state as the accountant that is preparing your taxes. Instead, you can snap a picture of the hours with your cell phone and text or email the picture over to us. You could type it up in an email, or you could scan and email the hours. It doesn’t matter how you send them over, as long as we can get them, we can deposit the funds into your employee’s bank accounts accurately and on time.

Online payroll services are similar to payroll services, except it doesn’t matter where you live or where your business takes place. You can use our online payroll services in Denver, Colorado; Portland, Oregon; New York City; or anywhere in between.

Because we are based in Billings, Montana, we can offer affordable rates that you won’t be able to find in the big city. We don’t have to spend an outrageous amount on rent, and therefore we can pass the savings along to you. So if you are looking for a full service accounting firm that can offer affordable online payroll services (as well as a whole host of other accounting services) then look no further than Practical Taxes.  Call and set an appointment today: 406-894-2050.

Employee-214x300If you are a business owner, then you know that having the right people in the right position is imperative to keep your business flowing smoothly. However, getting the right person can be tricky if you are not aware of what to look for. Fortunately, there are a few clues that you can look out for in order to prevent mistakes. Read on as your accountant in Billings, Montana helps you learn to make good hiring decisions.

How to Start Your Search

There are different approaches to finding the right person for the job. It all depends on who you are, what the position is, and a variety of other factors. Here are the most common methods.

Advertisement – You can put an ad in the paper, online, post it on a bulletin board, or create a TV or radio spot. Advertising for the job is the fastest way to get people to apply, and you will likely be flooded with applications in no time. The problem is that you will get a lot of applications for people not exactly fit for the job.

Word of Mouth – As a business owner you likely have a good network to bounce ideas off of. By telling those around you that you need an employee, they can come up with recommendations that might be a good fit. By using a pre-screen like this you weed out those simply looking for a job because they want more spending money, and get some better suited for the position.

Employment Service – There are a number of employment services that can help you find the right employee (Kelly Services is one of them that does a great job). These services do all the hard work for you; you just pay a small fee to have them pre-screen.

So now you have the search going for an employee… but how do you know that you’re hiring the right person?

Being Selective When Hiring Employees

The first rule of hiring is to never hire the only person you interview. The larger your pool of applicants is the better chances of not making a mistake. So here is what you need to watch out for.

Personality – Some people are quiet, some our outgoing, some are shy, some are thinkers, some are relational. There will be a wide variety of people that come through the door in order to interview for the job. Make sure the personality matches the job! A thinker or someone quiet won’t do well in a sales position; an outgoing relational person will dread a job where they are stuck behind a computer all day long. Pay attention and match the personality to the position.

Attitude – Education and experience are one thing, but attitude is often seen as more important. As the employer you can train a hard-worker to do just about any job, but someone who has all the experience in the world that only wants to slack off won’t last long.

Goals – Nobody wants an employee that only plans to stick around for a few months. But any employee worth hiring won’t tell you that they only plan to stick around for a few months. You will have to do your best to determine through your interview to find out their long term goals.

Test Them – Anyone can give the answers that you want to hear when you ask interview questions, it only takes a little bit of preparation work to do that. This is why you should never hire based on the interview alone. Create a smaller group of those that you think would be a good fit for the job, and have them return for a second interview. This interview will consist of little tests and problems they will come across on the job. Those that do well are a better fit.

Hiring Employees

An employee costs money to find and train, but ultimately they will make you more money.   Unless they are a bad fit for the company. By being extra selective and not hiring the first one that comes along you can make sure to minimize the risk of hiring a bad employee.

Practical Taxes is a full service accounting firm in Billings, Montana. When you do get the employee or employees on board, you will need to pay them. We specialize in payroll services that reduce the amount of work you have to do every week. Give us a call today at 406-894-2050 to learn more.

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There are many people who are perfectly happy as an employee. They have found a great job that they love, and they don’t mind working for someone else. They like the fact that they don’t have to worry about managing the business, and dealing with all of that stress. But there are many more that don’t want to be an employee. They want to be their own boss, set their own goals, and watch a company that they started grow and expand. For those entrepreneurs, owning a business is a must for them. But where do you start? If you are a potential business owner, your accountant in Billings, Montana explains the first three steps to owning a business.

 

Study, Research, Analyze, Test, and Fine Tune Your Business Plan

There are two schools of thought when it comes to starting a business. There are those who write down EVERYTHING, and there are those who go with the bare minimums. Both can have successful businesses, but there is common ground between the two.

You have to do your homework before you even think of starting a business. You need to research the market, study what people like and what they will pay for. You need to test the market (and that includes more than just talking to your friends about what they would like to see). And you need to adjust your business plan accordingly. If your plan says you will make widgets for $3 and sell them for $5, but the market will only pay $3.50 for a widget, you have to adjust your plan so you can still make a profit. If you are ecstatic about starting a turtle walking business, but there is no demand for your business, you need to figure out how to incorporate something else into your business. In order to become one of the 50% of businesses that last more than 5 years, you have to spend a lot of time planning, testing, and researching, before you even look at a business name.

Determine Your Business Structure

You will remember last week when we looked through the various types of business structures. There are pros and cons to each one, and depending on what your goals are will determine which structure you choose. If you have big plans of becoming a large company down the road, don’t even bother starting as a sole proprietor or LLC today. If you never plan to have any employees, and you will be the only one working in the business, then it is pointless to start as a C Corp.

Determining your business structure is something that your accountant in Billings, Montana can help you do. And frankly, it is an easy thing to do. The harder part is filing the appropriate paperwork, and making sure everything is in order. Fortunately, you can sit back and just sign the papers when they are ready. Your accountant will take care of the rest.

Organize Everything

Businesses, no matter what they are selling or offering, can do well with two aspects that are extremely well tuned: marketing and bookkeeping. If you have done step one (the research, testing, and so on) then you will know exactly how to market your business and you will know exactly who to market your business to. That leaves bookkeeping, an aspect that many businesses are absolutely terrible at doing.

Keeping track of spending and income is one thing, and most businesses can do that fairly simply. However, there is more to bookkeeping than just that. You have to know and understand your business inside and out. You have to maximize efficiency, trim the fat, and make sure it’s all going smoothly. The good news is that there are systems that you can put in place, before you even begin your business, to manage all of that (Quickbooks is an example). The other good news is that your accountant in Billings, Montana does just that for you. You focus on your passion and running the business, he focuses on keeping the numbers in order.

If you have a dream, get started with researching it to make sure that it will be foolproof when you launch. Know the market, know the demand, and know what you can charge (charge too much and nobody will buy from you; charge too little and you will struggle to raise prices down the road). Get all of that research done first, and the rest should come much easier.

Practical Taxes is located in Billings, Montana and provides all the services that a full service accounting firm does. From business consulting, to tax preparation, to online payroll services, to bookkeeping, all your accounting needs are met in one place. Call us today at 406-894-2050 to schedule your initial consultation appointment.

File-your-Taxes-Late-300x220With only 2 days until your taxes must be completed and submitted, there is a good chance that you might not be able to get around to filing on time. Don’t worry; you do have some options here. But keep in mind that filing your taxes late should not be one of those options. Your accountant in Billings, Montana looks at what happens if you file late, and what you should do to avoid filing late.

Filing your Taxes Late

If you absolutely must file your taxes past the April 15th deadline, then you should file them as soon as you can to avoid racking up late fees, interest, and other penalties. The IRS wants your tax return, and they will accept late tax returns no matter when those returns come in. Keep in mind that most people get a tax refund, if you simply don’t do your taxes, you risk forfeiting that refund.

The good news is that if you are eligible to receive a tax refund, there is no penalty for filing your taxes late. But the longer you wait without claiming that refund, the longer the government gets your money and doesn’t owe you any interest; your 2014 taxes must be filed by April 15th 2018 or that refund is forfeited to the US Treasury.

The bad news is if you owe money on your taxes. Now there are two different fees here, a failure-to-file fee and a failure-to-pay fee. They are vastly different.

Let’s suppose that you owe $1,000 on your taxes.

If you don’t file your taxes on time, you are going to be hit with a failure-to-file fee. This fee is 5% of the amount that you owe on your taxes, every single month. So in our scenario if you file 1 day late, or 30 days late, you owe an additional $50. That amount caps off at 25%, but you will still be hit with the failure-to-pay penalty.

If you file your taxes, but you can’t afford to pay what you owe (and if you didn’t set up a payment plan) the IRS will still ding you. This ding isn’t nearly as bad as simply not filing though and comes in at a mere .5% per month interest. So if you miss paying by up to a month, you owe an additional $5 for our situation. This amount will cap off at 22.5%.

There are some other increases, maximums, and scenarios and those will vary depending on your situation, but the bottom line is this: if you owe money, and you fail to file your taxes, you can expect to pay an additional 5% each month until things are paid off.

Don’t File Your Taxes Late

You still have plenty of time to file your taxes if you do them yourself (TurboTax offers a free online program if you meet the qualifications), or you can always file an extension. Learn more about how to file an extension on your tax return.

Give us a call at 406-894-2050  to see if your accountant in Billings, Montana can still squeeze you in before the deadline (chances are slim, but we can help file that extension).

Practical Taxes is a full service accounting firm in Billings, Montana. Like all accountants our crunch time is the first few months of the year, but after tax season is over we don’t close up shop. Throughout the year we are available for business consulting, payroll services, and multiple other accounting needs.

Knowing What Are, and What Are Not, Travel Expenses

Travel-Expenses-300x192Whether you are a business owner, or an employee, you can deduct travel expenses from your taxes. The one caveat is that the expenses cannot be reimbursed. So if you drive 500 miles, but the boss buys your gas, you can’t deduct your mileage. But no matter what your industry, and no matter what your job, you can likely deduct some of your business expenses and help to lower your tax bill. Your accountant in Billings, Montana explains how this is done.

What Are Travel Expenses

Before you can start writing off business expenses, you have to be aware of what travel expenses actually are. If you are taking the family to Disney World, and you decide to pop into the manager’s office at a nearby restaurant to talk about your business, you legally should not be trying to deduct the trip. Instead, the primary purpose of the trip must be business related (but that doesn’t mean you can’t do some entertainment type stuff while there).

When you are traveling you can deduct costs for most of the following:

  • – 50% of the costs of meals, or you can take the per diem rate, this is usually about $83 per day
  • – Airfare and incidentals
  • – Cab fare, bus fare, or other transportation
  • – Hotel expenses
  • – Tips
  • – Other expenses if they directly relate to the business at hand

There are some other things that can be deducted, it all depends on the trip, where you will be going, and what the business activity entails. Your best bet is to just save all of your receipts while you travel for business, and then turn them in to your accountant in Billings, Montana when the time comes. You can always organize them out in a spreadsheet to make things easier.

Deducting Mileage for Travel

Sometimes you have to take a shorter trip. You plan to travel a hundred miles or so, spend the day, and travel back. There are no big expenses like hotel rooms, airfare, and often there aren’t even meals eaten. In these cases, you can still claim some deductions for business expenses.

As long as you are using your personal vehicle, not a company car, you can deduct $.575 for every mile you drove (for 2015, this is up from $.56 in tax year 2014). This means that if you drive 100 miles round trip, you can write off $57.50 from your taxes next year. Keep in mind that you can’t write off the miles that you use to commute; so from home to office is not deductible.

If you do a lot of traveling, say 500 miles per week, you would be able to write off thousands of dollars worth of miles. Keep in mind though, if you write off the miles, you can’t deduct the cost of tires, gas, oil, and other maintenance for your vehicle.

Practical Taxes Know the Rules on Travel Expenses

Knowing what you can, and cannot, deduct for business related travel can become quite confusing. Fortunately, that is why Practical Taxes is around. We know and understand taxes, and can help you wade through the conundrum. As long as you keep accurate records, we can help you to get the maximum amount of deductions possible.

We can help with tax preparation, business consultation, online payroll, and more. Call us today at 406-894-2050 to learn more!