This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018.
We're often questioned about starting a small business. In this post we're offering some guidance in our 10-Key-Point Checklist that we feel must be considered when starting a business. If you are able to answer these ten questions effectively then you're on the right track
10-Point Checklist For Starting a Small Business:
Who is your target market?
How will you market to them and what will it cost?
How many items/services do you think you can sell?
What price will you sell them for?
What are your cost for material, rent and labor?
What is your break-even point?
Have you prepared a detailed “Next 12 months” cash flow budget, including the money you will need to live on?
Have you prepared a 5-year budget?
How will you pay back investors or loans?
Will you need employees, how many and what will they cost?
Our Boss®, CFO, and Foundation services can help you answer these questions and support you once you're on your way. We'd love to hear from you so feel free to contact us and let us know if you've found this checklist helpful.