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How to Stay Current As An Aging Business Owner by @DeborahSweeney

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“I used to be with it, but then they changed what it was. Now what I’m with isn’t it, and what’s it seems weird and scary to me… and it’ll happen to you, too.”

Believe it or not, this is actually a quote from The Simpsons. In this particular flashback scene, Homer’s dad walks in on a teenage Homer rocking out to his favorite music. His dad thinks the music sounds terrible and Homer says his dad isn’t cool enough to understand. Little does Homer know, his dad understands much more than he realizes. He explains that one day Homer will get older and struggle to keep up with the trends which will inevitably make him “uncool” in the eyes of society — and as the flashback ends, it’s revealed that his dad was actually right.

As we grow up in a generation so heavily reliant on sending snaps, tweets, and Boomerangs via social media, there is the push-pull between embracing getting older and also wanting to remain cool enough by BuzzFeed standards. For entrepreneurs especially, getting older alongside your business presents the challenge of wanting to enjoy the comforts of a steady startup but also continue to go the extra mile and think outside of the box. What can aging entrepreneurs do to make sure they stay in the loop in an authentic way? Don’t just look to memes and hashtags as your only strategy for keeping up with the next generation — focus on a few of these initiatives too.

Read everything that you can — and write too.

One of the best way to stay on top of trends is also incredibly simple: read. Subscribe to newspapers, magazines, and newsletters to open your mind and discover what’s happening within your industry and on a local and global scale throughout the world. Pick up books by influencers you admire and listen to podcasts while you’re at it. You’ll also want to start writing. Publish blog posts on sites like LinkedIn or Medium to establish yourself as an expert within your field and share your expertise with a new, wider audience.

Retool your website and refresh your online presence.

Don’t let your brand’s site grow stagnant! Check in with some of your favorite websites and take note on what they do well that you would like to emulate for yourself. Remodel your own site to be easily accessible across all devices from mobile to desktop, make it clear to navigate from your homepage to your contact us tab, and consider aesthetics and means of keeping customers on your site longer, like including pop-up newsletter windows to subscribe to for more content they crave. While you’re hitting refresh on your site, do a little revamp your social media accounts too. Edit bios, add in new profile or cover photo images for the season, and make sure all of your contact information is up to date!

Learn from (and listen to) other generations.

As we age, it gets easier to write off other generations by dismissing them because of their youth. Don’t fall into the “they’re too young and don’t know what they’re talking about” trap. Make it a point to surround yourself with other generations and embrace the chance to learn from them. Hire interns while they’re at college, bring on millennials as part of your staff, and pay attention to what your younger customers are saying about your brand online.

Say yes to accepting feedback.

You might already be used to getting feedback from customers of your small business, but what about personal feedback? Encourage your team, partners, and even mentors to provide you with personal feedback. Be open and willing to accept their thoughts on changes or adjustments you can make as a leader to become a stronger business owner, no matter what age you are.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

How to Merge Your Small Business with Marriage by @DeborahSweeney

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As wedding bells ring this summer, couples everywhere are saying more than just “I do” to each other. For entrepreneurs tying the knot, it can be a huge adjustment to marry the love of your life while remaining in a committed relationship with your passion project. How can you ensure that both your business and marriage soar instead of crumbling to pieces? Before you head down the aisle, check out these tips for ensuring you’re able to get the best of both worlds.

Put your marriage first.

The unfortunate reality of marriage and startups is that half of these relationships fail. But why do so many entrepreneurs get divorced? Inc. revealed that the most common causes are financial strain, neglect, divergent goals, and a lack of communication. Any of these causes would be detrimental enough for couples in traditional 9 to 5 jobs, but it’s especially tough for entrepreneurs who invest long hours and energy working on their business.

Much as you may love your startup, do not let it take the place of your marriage as your top priority. Instead, find the balance between being married and running a business. Determine the best methods for devoting time and hard work into both areas so you feel fulfilled on a personal and professional level. If you work from home, know when to unplug and spend quality time with your spouse. Incorporate them into your everyday routine by going on walks, having lunch together, or going on a long weekend getaway.

Incorporate your business (if you haven’t already)

While a business that has not been incorporated does have a more simplified tax process and allows you to exercise more control, your personal assets are also highly at risk. Unincorporated businesses do not keep personal and professional assets separate. Without liability assistance, if your business declares bankruptcy or falls behind on your loan payments, your personal belongings like houses and cars could be at risk — and that’s the last thing any newlywed wants repossessed.

Take the time to incorporate or form an LLC for your business so that you are able to keep professional and personal assets separate. Additionally, if your business is particularly successful you may find it’s a good plan to hire legal help to put together a prenuptial agreement. This written agreement will work to provide an extra cushion of protection for your business.

Communicate, communicate, communicate!

As mentioned earlier, a lack of communication in a marriage can truly destroy the relationship and the business. Before you get married, sit down with your partner and have an open discussion about your startup and where you are at in it. Discuss long and short term goals for the business, a plan B (should you need one), and what your current financial situation looks like (whether you’re using your own personal bank account or joint assets and if you have any existing loans or bills) so that there are no surprises later on. Communicate daily with your spouse to check in personally and professionally and keep the dialogue going by being open to feedback from their end.

In a recent study from Wells Fargo, it was revealed that 80% of millennial entrepreneurs plan to grow their business over the years and pass it down to their children. While being an entrepreneur, or being married to one, is certainly not easy, the beauty of starting a business is that there’s a great infrastructure therein to ensure a secure legacy for future generations in your family. And in the end, that’s the best kind of happily ever after an entrepreneur can create for anyone.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

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Do Post-Grad Millennials Have What It Takes to Become Entrepreneurs? by @DeborahSweeney

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All throughout the month of May, college seniors everywhere flung their mortarboards into the air and celebrated their graduation into the real world. For many post-grads, that means opting to become an entrepreneur and fulfilling their dream of becoming their own boss.

However, despite more than 2,100 U.S. colleges and universities boasting entrepreneurship curriculums, the U.S. Chamber of Commerce Foundation revealed that more than half of the students offered these classes don’t feel that the course work fully prepared them to start a business. What does this mean for grads today? Do they still have what it takes to become entrepreneurs? My answer is yes. Entrepreneurship may be a road less travelled and filled with more obstacles than a traditional 9 to 5 position, but millennials have more than enough talent and essential traits needed to navigate it successfully.

They’re tech savvy — but it’s about more than just being on Facebook.

Perhaps one of the first, and typically most correct, assumptions about millennials is that their relationship with technology is practically second nature. Being “on” has allowed them to establish relationships with brands via social media. Trust between the brand and consumer is built here through conversations and mutual following. If the brand gets caught in a scandal or does something to hurt the millennial, the trust is broken. Just like a relationship in the real world, it takes time to repair which is why millennial entrepreneurs understand that it’s critical for brands, particularly their own, to establish and maintain positive relationships with their consumers and beyond.

However, the one aspect of being tech savvy that might prep millennials most for entrepreneurship is personal branding. Early on, millennials are taught to think before they tweet because the space they’re in is a highly public one. It’s also one where you can mold yourself to become an expert in your field through contributed written and visual content on topics you’re passionate about. Personal branding is hard work to set yourself apart from the pack, but it’s worth doing before starting a business to generate buzz and showcase your credentials.

Families are on their side for extra support.

One of the greatest challenges facing millennial entrepreneurs is juggling student loan debt with funding a small business. While a study from Wells Fargo revealed that many young entrepreneurs use personal credit to fund their businesses, 82% seek assistance from their friends and families to ensure financial success.

For many millennials, this is just as second nature as growing up with technology. They’ve been encouraged by their parents to reach for the stars and fulfill their dreams, often with plenty of parental advice provided along the journey. Because of this, it has even been suggested that entrepreneurship is considered to be a “way of life” and one that millennials feel more than prepared to take on because of all the support they received along the way.

Entrepreneur or not, they’re (already) reshaping the traditional workplace.

The more millennials enter the workforce, whether they’re entrepreneurs or not, the more they’re reshaping it as the most diverse generation yet. Here, work/life balance comes first along with a workload that challenges and excites. Feedback for both the boss and employee is a must, along with knowing what the brand’s values are and how team members can advance upward within the company. Oh, and they’ve got one other invaluable asset too — positivity and optimism which carries startups further than one might think. Go on and draft your business plan, incorporate your company, and get the word of mouth going on your business, Class of 2017. You’ve got this.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

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4 Great Investments Small Business Owners Can Make With Their Tax Returns by @DeborahSweeney

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It’s the question on every entrepreneur’s mind when they receive their tax returns — what should you do with it and where do you spend the money? While this may be the fun upside to doing taxes, spending your return is a thoughtful process. Some small business owners may want to do it while others won’t or will consider going 50/50 on spending. If you haven’t decided what to do with your own yet, here are a few great investments entrepreneurs can make with their hard-earned chunk of change.

Put it in savings

We’re kicking off this listicle with the most responsible decision — and interestingly enough, the most popular one with taxpayers. According to the National Retail Federation’s Tax Returns Survey, 48% of Americans plan to tuck their returns into their savings in 2017, the second-highest number on record.

Why the push to save as opposed to spend? While this rise may be attributed to the millennial generation opting to be financially savvy, it’s also because only 66% of taxpayers profiled expected to receive a refund this year. And while saving isn’t as fun as spending, it’s actually incredibly beneficial for small business. A 2016 JPMorgan Chase Institute study revealed that most small businesses only have about a month’s worth of money on hand to cover expenses if inflows stop — and adding in a tax return is a great way to rebuild savings so your business isn’t living month to month.

Pay off debt

The second most popular spending option, 35.5% of Americans plan on using their tax returns to pay down debt. When you own a small business, eliminating debt is the best possible thing you can do for the company. Earlier this year, I shared some tips for paying off business debt including hanging on to receipts, cutting costs on everyday expenses like recycling and electric bills, and paying off debt using the Snowball and Stack Methods. The Snowball Method opts to pay off debt with the smallest balance first, gradually moving up the ladder, while the Stack Method starts with the biggest interest rate first and moves down to debt with smaller interest rates. Determine what the best method for your business is and begin paying down, and eventually off, debt accordingly.

Take a vacation

Alright, let’s get into some of the fun ways to treat yourself! 10.7% of Americans surveyed by NRF will be going on a vacation with their tax return this year. For small business owners especially, this is a great way to take some much-needed me time to rest and recharge. It’s also helpful for combating any possible burnout you feel might be on the horizon. All work and no play makes just about everyone very dull humans and getting the chance to get away allows entrepreneurs to come back stronger with a fresh perspective and better ideas.

Splurge on your work family and office

Can’t schedule a vacation right away? You might want to consider refreshing the workplace and treating your team instead. 7.6% of Americans will spend their return on a “splurge” purchase and you can do the same at the office too. Give your team small bonuses, invest in marketing or another department initiative that you have had on the back burner for a while, refresh the office with new furniture or computers, or throw a party to celebrate your team and all of their hard work!

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

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Is There a Right Time to Register a Trademark? by @DeborahSweeney

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Most entrepreneurs know that one of the smartest moves they can make to protect the assets of their small business is to file for a trademark. After all, this mark keeps your intellectual property — including unique logos, designs, and phrases — from being compromised by competitors and ensures that you alone have the exclusive rights to use it.

However, some entrepreneurs may find themselves wondering if there is a “right time” to register a trademark. What if you’re on a time crunch and need to use the mark now? If you know you’ll use the mark sometime in the future for your products or services, should you file now or wait? If you’re still trying to figure out a timeline for your trademark, here are some of the most popular filing options available to small business owners.

If you haven’t used the mark yet, but want to ASAP

As soon as entrepreneurs incorporate their business, they begin looking at everything else they need to protect their brand while further establishing it as unique in its field. However, the downside to moving forward without a trademark is that the unregistered mark is quite vulnerable. During this time, entrepreneurs can opt for early filing to protect and defend their trademark and vice versa — filing early to make sure that your mark isn’t accidentally infringing on another registration.

If you haven’t used the mark yet, but want to later in the future

Let’s say you own a stationery shop, but aren’t ready to open up your doors to the public and sell your products. You know you will be ready soon, but not right now. In this case, the USPTO advises filing an “intent-to-use” trademark application. This filed document allows the registration to be issued once you start selling your products or services.

Aside from intent-to-use, entrepreneurs may also file their trademark based on bona fide intent. Let’s go back to that stationery shop for a minute and revisit your products. Currently, you just have samples and not a full inventory of goods established. Bona fide intent means that the mark, while not quite market ready, is more than an idea. In order to use the mark, your samples would be classified under that category.

If you have already started using the mark

Already started using your mark on your offerings? Don’t worry — you can still protect it! The USPTO recommends filing under “use-in-commerce” basis if the mark used is in connection with your goods and services listed in your application. Your filing will also include an example that shows how you use the mark in commerce. For example, at the stationery shop that trademark would be visible on your store displays, product packaging, and any tags and labels associated with the store.

What happens after you’ve filed? A federally registered trademark can last forever, so long as it remains in use and you file the appropriate maintenance documents to keep the mark in compliance. The consequences your company faces if these documents aren’t filed are severe — with your registration cancelled completely. Be sure to file these forms by their deadlines to further protect and uphold your brand well into the future!

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

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3 Compliance Tips for Entrepreneurs Setting up Multiple Businesses by @DeborahSweeney

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3 Compliance Tips for Entrepreneurs Setting up Multiple Businesses

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You know what’s better than owning one small business? Owning two — or maybe even three or four! If an entrepreneur has an existing, successful startup and is passionate about creating products or services for other industries, it’s worth making the leap into establishing multiple businesses. However, before you begin the process all over again, it’s important to note that you might not be able to do everything exactly as you did the first go around. From creating additional bank accounts to whether or not you should keep startups under the same entity, here are a few compliance details for entrepreneurs to consider when starting multiple businesses.

1) Separately incorporate each new business.

As tempting as it may be to house both companies under the same formation umbrella, like an existing LLC for example, it’s actually a risky practice for both businesses involved. One company can negatively impact the other if a business goes under or carries too much debt — and the last thing an entrepreneur wants is their startup hindered early on.

When starting an entirely different business, it’s a smart move to incorporate it separately so as to not let the risks and liabilities impact your current business. The reputation of the business aside, this is also beneficial for the reputation of the owner. Professionals with professional licenses like contractors, doctors, and lawyers have licensing boards that limit what they can do under the umbrella of their business including who can be the owners and what they can offer. It’s neither a wise business idea nor within the licensing board’s rules to co-mingle businesses, so it’s better to separate from the start.

2) Avoid co-mingling finances.

When running a couple of businesses, the best financial advice is to keep everything separated. If all funds are mixed together, there could be confusion regarding which business had what expenses or overall revenue performance.

In addition to incorporating each business separately, keep finances separate with different bank accounts and accounting books. In the event that you decide to sell one of the businesses, you will be required to present a comprehensive look at the company’s performance. The more separate the finances are, the more you can provide prospective buyers with the accurate value of the business.

3) Protect intellectual property assets with trademarks.

While you’re incorporating your next business and getting its finances in order, you will also need to conduct a search and file for a trademark application for the new startup name, logo, or design. Doing do allows you to claim the name and protect that unique business identity as well as keep anyone else from plagiarizing or copying the assets.

What should entrepreneurs do if they’re interested in a business spinoff (like starting an initiative for a new service or product that spins off of an existing popular one)? It’s a new product offering, so there’s no need to form a separate business for it. Regardless of whether you start up a spinoff or create a new business altogether, maintain the hard work and passion you put in for both of them without letting either one fall to the wayside. If you’re not sure what you need to do to make that happen, take a cue from Richard Branson, founder of Virgin. He says that in order to run a business, entrepreneurs must master how to engage their target audience, pay attention to cash flow, look after their team, and highlight their unique selling point. Branson advises that once you’ve been able to apply those skills to one business, you can apply them to the next. It’s a little like a domino effect for every new business you start up from here on out!

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

5 Tax Deductions Self-Employed Workers Need to Take Advantage Of by @DeborahSweeney

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5 Tax Deductions Self-Employed Workers Need to Take Advantage Of

by Deborah Sweeney | Featured Contributor

One New Year’s Resolution that many entrepreneurs probably have at the top of their list is to get a head start on filing taxes. For the self-employed especially, the clock is ticking to get paperwork organized and determine how many business expenses are eligible for deductions. The tax deduction rule of thumb is that the expense must be ordinary and necessary, meaning that it should be accepted in your line of work and also appropriate for it. Here’s a look at five deductions self-employed workers should take advantage of in 2017.

  1. Home office

Do you work out of your home office or use a part of your home for business? You might qualify for a home office deduction, available for all types of homes and homeowners as well as renters.

If you want to qualify for a home office deduction, you need to use that part of your home as a principal place of business exclusively and regularly. The deduction is typically based on the percentage of your home where it is used for business. Choose between the following two available options in order to determine the home deduction percentage.

Regular Method: This method determines actual home office expenses including areas like mortgage interest, insurance, utilities, and repairs. You can figure these out on Form 8829 Expenses for Business Use of Your Home and then report the deductions on line 30 of Form 1040 Schedule C, Profit or Loss From Business.

Simplified Option: Better known as the Simplified Option for Home Office Deduction, this helps simplify the calculation for the business use of your home. This method allows for a standard deduction of $5 per square foot of home used for business, up to 300 square feet. If you know that you work out of a space that is larger than 300 square feet, consider using the regular method instead.

  1. Standard mileage rates

If you spend a lot of time driving to meet with clients, your expenses for operating a vehicle for business could be deductible. Here’s what the 2016 standard mileage rates for cars, vans, and pickups looks like for business, medical, and moving purposes.

  • 54 cents per mile for business miles driven, down from 57.5 cents for 2015
  • 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015
  • 14 cents per mile driven in service of charitable organizations

Remember that if your employer reimburses your travel, you can’t deduct that expense. However, if you are only reimbursed for a small portion of the standard mileage rate, you will be able to deduct the excess amount per mile.

  1. Health insurance premiums

According to the IRS, anyone self-employed with a net profit for the year may qualify for health insurance deduction. Keep in mind that this is not an itemized deduction, but an adjustment to income on premiums that you paid on a health insurance policy. Use Form 1040, Schedule A, Itemized Deductions to include the remainder with any other medical expenses as an itemized deduction if you haven’t claimed 100% of your paid premiums.

  1. Website and software

Being self-employed means working hard to set up a professional online presence. If you created a new website over the last year or purchased software programs that you use in your line of work, you can deduct these expenses. Website deductions may include domain fees, maintenance, and/or building costs.

  1. Incorporating your business

If business boomed this year and you incorporated or formed an LLC for your services, congrats! That’s a major step forward in protecting your personal assets as well as the professional assets of the business. It’s also acknowledged by the IRS for deductions. Some of the expenditures that you are able to write off during the business’ first year include state fees and legal costs. My recommendation is that if business is seriously picking up, take the time to incorporate or form an LLC for it. Saving a little extra money during tax season, plus asset protection and legitimacy for your brand — it’s a win-win for starting 2017 with a bang!

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

10 Items to Cross Off Your End-of-Year Small Business Checklist by @DeborahSweeney

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10 Items to Cross Off Your End-of-Year Small Business Checklist

by Deborah Sweeney | Featured Contributor

The countdown is officially on — less than a month stands between entrepreneurs and the New Year! As small business owners look forward to a fresh slate and new opportunities, they’re also filing documents to report changes made to the business and working hard to wrap up the year’s loose ends. Think you forgot something important from your to-do list? Our checklist covers 10 items to mark off and ensure you’re finishing the year on a strong note.

  1. File a foreign qualification

Did your business expand to another state this year? Are you incorporated in one state, but headquartered in another? You’ll need to file for a foreign qualification in order to legally conduct business in that state. Remember that your corporation or LLC is only domestic in the state it is incorporated in and is considered foreign everywhere else. If you want to be authorized to do business, elsewhere, you have to file for a foreign qualification.

  1. File an annual report

Generally required by most states, annual reports keep your company information — like activities, locations, and contact information — in good standing with the Secretary of State. Be sure to check in with your state’s schedule to see when you are required to file the report. If you don’t file by the deadline, your LLC or corporation may be subjected to late fees and penalties or even dissolution.

  1. Organize documents on a cloud storage system

Where are your receipts? How about your corporate records and minutes? Rather than spend hours trying to hunt down print or digital documents, store them in a cloud based document storage system. Unlike a laptop that could suffer from hard drive issues or lose files, cloud storage allows you to access all files and even share them securely with work team members.

  1. File an amendment

Did the name of your business change this year? What about its ownership or office address? For any changes made to a Corporation or LLC, the state requires filing an article of amendment to ensure accurate corporate records.

  1. File for a dissolution

If you closed a business this year, you have to close the business formally with the state too. By filing for a dissolution, your Corporation or LLC will no longer be considered an active entity with the Secretary of State. This will keep you save money from paying unnecessary taxes and annual state fees. If you don’t file, you’ll continue to make these payments because your business will still be considered to be in existence.

  1. Review your profit and loss statements

How was your financial performance this year? By creating profit and loss statements, you can look back on your revenue for the year. Look at what did and didn’t work compared to previous years in business and use these statements as a guide for what your outlook might be like for the upcoming year.

  1. Check your cash flow

Along with a P&L statement is a cash flow statement AKA a report that shows how your money was spent throughout the year and how much cash you have on hand. Typically, you should look at your cash flow statements based off of three activities: operating (revenue and expenses), investing (any assets purchased or sold), and financial (loans).

  1. Get a head start on tax season

You can never prep too early for tax season! Take this time to schedule in an appointment with the accountant or bookkeeper for your business. Gather any receipts that could qualify for possible deductions, track quarterly estimated tax payments made during the year, and discuss whether or not you’ll need a tax payment extension.

  1. Make payroll corrections

Did anything change with your payroll this year? If so, make note of that on your records for local, state, and federal payroll to ensure you stay in compliance with payroll regulations.

  1. Celebrate accomplishments from this year and set goals for next year

Reflect back on all the standout moments from the year and take pride in all that your small business has accomplished. Reward your employees with small tokens of gratitude like bonuses or even handwritten notes that highlight their hard work. And finally, make your own small business resolutions for the next year. What do you hope to do next and what steps are needed to get there? Create a list of short and long-term goals to get everyone motivated for what’s to come. When the clock strikes midnight on January 1st, get on your mark, get set, and achieve those goals!

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

4 Strategic Tips For Paying Off Your Business Debt in 2017 by @DeborahSweeney

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4 Strategic Tips For Paying Off Your Business Debt in 2017

by Deborah Sweeney | Featured Contributor

I had originally considered writing this post with advice for getting out of business debt before the end of 2016, but realized within the given time frame it’s not exactly feasible for most entrepreneurs. Frankly, making fast payments is also not the smart way to approach debt either.

No matter how much you owe, don’t panic. Instead, educate yourself about how the numbers added up and what your repayment options look like for getting out of debt. By understanding how your current financial standing affects your small business, you can create a strategic plan of action for paying it off.

It’s time to get a head start on paying off debt. Here are the key elements that every plan should cover — and hopefully, these tips keep you from repeating past money mistakes with your small business.

  1. Hang on to, and review, your receipts.

Before you can plan on how much you want to save or what costs to cut back on, take a look at the receipts for business expenses. Receipts serve as a good footprint for determining which expenses are investments versus those that are frivolous purchases. If you already spot small items like daily coffee runs or lunches adding up that don’t contribute to the business, you can start curbing that kind of spending since it isn’t a necessity.

Pro tip: if you’ve made a charitable donation on behalf of the company or recently took a trip on business, it might be eligible for a tax deduction. Save these receipts when you file your taxes!

  1. Begin cutting costs.

While some say it’s a better idea to stop creating debt altogether, most entrepreneurs find it easier to review receipts and financial statements to study profits and losses over the last six months. By doing so, they’re able to determine what can be cut out of the budget before paying off debt.

When trimming costs, be mindful of expenses that will negatively impact your employees or customers like raising the price tag substantially on a popular product or cutting vacation benefits. If you’re not sure where to start first, here are a few simple ideas to get you started.

  • Turning off lights and computers at the end of the day to save on electricity bills.
  • Recycling and going paperless.
  • Joining a coworking space if a lease on a commercial building becomes too expensive.
  1. Determine the best way to eliminate debt.

Two popular methods of paying down debt include the Snowball Method and the Stack Method. The Snowball Method consists of paying off debts or loans that have the smallest balances first while gradually moving on to those with larger amounts. Typically used for credit card debt, the thought process is that by the time you’re down to the single largest debt, you have no other expenses distracting you from paying it off in full.

The Stack Method takes the opposite approach in that you pay off the debt that has the highest interest rate first and gradually move on to the smaller ones. While the decision is different for every entrepreneur, my personal recommendation is to use the Stack Method. Startups that carry business loans with a high interest rate struggle enormously, as does any business with high interest on a company credit card. By prioritizing paying off debt with the highest interest first, you can pay down other outstanding debt faster. Once your business credit cards are paid off, your credit score will improve and allow for more opportunities to benefit the business.

  1. Consider consolidating or working with a professional.

One of the most effective ways to pay off debt is to consolidate and refinance loans. By doing this, the loans may qualify for lower interest rates reducing the amount paid each month. Much like determining whether you would be a better fit for the Snowball or Stack Method, many factors go into play depending on your business and the nature of its debts.

If you’re still not sure what the best option for your business is, don’t force yourself to pick a plan for repayment that won’t work for you. Speak with a debt expert and see which option is the best fit or if there are other options that might be even better.

As I mentioned in the opening, the key to paying off debt is all in the details. Understanding what you owe, how it accumulated, and what your options for repayment look like truly matter when you pay off business debt in order to further invest in the future of the business and its growth.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.