10 Things To Do in Your First Year of Business

Here are ten things to do by the end of your first business year. Some are essential while others will grow your business. Take a look and get that business going.

1. Make sure you are set up to pay sales tax.

2. Create a business Facebook page.

3. Go to 10 networking events and connect with at least one new person.

4. Register a website domain.

5. Create a mission statement.

6. Start a business checking account.

7. Attend at least 3 workshops.

8. Set up a bookkeeping system (Quickbooks).

9. Read at least 3 books that will teach you to be better at what you do.

10. Create an organization system to organize all business documents and emails.

How to Get Your Maximum Small Business Write Offs

Taxes suck. And so does having to pay a 15% small business tax on all of your income. Whether you are a 1099 contractor or individual business owner, make sure to take the maximum deductions possible to pay the least amount of taxes possible.

Below are some deductions that people usually don't consider.


1. Cell Phone Bill

If your cell phone is used at all in running your business or doing your consulting, make sure to deduct a portion of your bill. Just estimate the percentage usage and multiply it by your monthly cost.

Example:
$100 monthly bill
35% business use
35%*100=$35
$35*12 months= $420

2. Rent/Mortgage

If you have an office in your home, or rental, you can deduct that cost from your taxes. You need to multiply the % of square footage your office by the mortgage or rent payment.

Example:
Rent Payment: $800/month
Total square footage: 1000
Office square footage: 100
100/1000=10%
800*10%=$80
$80*12= $960