ENTREPRENEURIAL DEADLINES: YOU WANT TO GET THIS TAKEN CARE OF ASAP & START THE PROCESS TODAY!
If you do not file the 1099-Misc by Jan. 31. the IRS may disallow this expense on your tax return.
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The road to success is paved with tests,
So you’ve got to believe in yourself above the rest.
Dream big, and let your passion shine,
If you don’t, you won’t end up with a dime.
Challenge the status quo, disrupt the market and say YES!
And remember that innovation is an endless quest.
Don’t forget to change business for good,
If you want to change the world then you should.
If you think with your head and listen to your heart,
I promise you’ll get off to a flying start.
Make bold moves, but always play fair,
Always say please and thank you – it’s cool to care.
Do what you love and love what you do,
This advice is nothing new.
Now, stop worrying about whether your business will be a hit,
Rise to the challenge and say ‘screw it, let’s do it!’ -Richard Branson #poem#richardbranson#virgin#challengerichard
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1 739 minutes ago
Today's tax topic is for the business owners, freelancers and 1099 contractors who deduct business meals and entertainment. There are two significant changes in the tax law that you need to know about. ⠀
#1 Entertainment is no longer a deductible expense. When it comes to business expenses meals & entertainment have always gone together like Peanut Butter & Jelly, but not anymore. Under the previous tax law, entertainment expenses were deductible up to 50 percent. But the Tax Cuts & Jobs Act eliminates the expense all together. This means no more deductions for front-row Lakers tickets, Beyonce concerts or movie premier tickets that you purchase every year for your important clients. ⠀
#2 Meals are STILL deductible but only at 50 percent. Don't worry, your business meals are still a deduction. That has not changed under the new tax law. What has changed is that employer meals provided to employees are now only deductible at 50 percent (previously 100 percent deductible). So employers who provide lunch and snacks for their employees every day, (I'm talking to you Hulu & Netflix and pretty much every Tech company out there), can no longer deduct 100 percent of the cost of this employee fringe benefit. ⠀
Be sure to strategize with your tax preparer and bookkeeper to make sure that your business is prepared for these changes and you have properly accounted for them in your tax planning. ⠀
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"Who are your biggest influencers and mentors personally & professionally and explain why? My biggest influencer and mentor serve both roles on the person and professional side, William (Bill) M. Shaw. I met Bill when I began working for Turner Broadcasting, Inc. in 1996. At the time the Company was in the process of building a new arena, “Philips”. After Philips was built, Bill went on to retire as VP of Human Resources from Turner Broadcasting. Ted Turner would later ask Bill to come work for his personal company Turner Enterprises, Inc. Bill listed a position for HR associate. I sent my resume and, well 22 years later, I oversee the entire function after Bill retired in 2015. I am honored to have been mentored by Bill. Our working relationship and his investment in my career are simply put, AMAZING. Bill was no holds barred. He made sure that whatever I needed to excel in my career was taking care of. He supported my philanthropist interest and supported my community involvement initiatives. I truly admire Mr. Shaw and will always appreciate everything that he did to make me the success I am today." Verla J. Calhoun-Kelley. Director Human Resources and Administration . Turner Enterprises, Inc. Dior Mavens. Hot Springs National Park, Arkansas
Spelman College/Kennesaw State University/University of Arkansas
Business Administration / Human Resource Management
Read the entire entire interview on CityBox Media www.cityboxmedia.com
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