Tag Archive: Small

What Are the Top Characteristics of a Successful Small Business Owner?

Business ownership is a goal for many people because it provides financial freedom and personal freedom. It puts you in control and in charge of your own destiny.

However, the high failure rate of small businesses can make many people wary of even giving business ownership a try. If you are currently weighing your options, it may help to take a look at the characteristics that help make a strong and successful small business owner.

Drive and Passion    

National funding explains that you need to have drive and passion for your business. If you lack these things, then you will find it is difficult to keep the ball rolling when times get tough. However, if you are passionate and driven, you will have the spark you need to keep moving and working because you are truly committed to making your business a success.

Focus

You also need to have …

3 Special Tax Considerations Every Small Business Owner Should Know About

When you run a small business, keeping up with your tax obligations can seem like a nearly impossible task. Along with those obligations, there are also several special considerations you should know about. If you qualify, they may be able to help lower your tax burden.  

1. Your Home Office Space May Be a Deductible Expense

If your business is run out of a home office, or you have space in your home that is reserved solely for business use, you may be able to deduct the expenses associated with that space. You will need to know the square footage of the rooms used for the business, the total square footage of your home, property tax figures, and the cost of utilities. Seeking advice from a qualified member of the United CPA Association can help you determine if this deduction applies to your situation.  

2. Medical Coverage Is Treated Differently