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  • 04/23/2017 1:16 AM | Patrina King (Administrator)

    Contributed by Ronica Brown of the Ronica Brown Agency.

     

    For most business owners the best part of tax season is getting large deductions to lower their tax bill. A tax deduction is a decrease in taxable income based on business spending or use of resources.

    But what happens, when a business owner doesn’t understand how much they can deduct? This results in spending in areas where deductions will not be maximized and a possibility of  having higher taxes than projected.

    Understanding the amount you are able to deduct helps you to plan and spend strategically to get the most value from your spending.

    When it comes to tax deductions there are huge misconceptions, the 5 most misunderstood deductions will give you the information you need to maximize  your deductions in these areas:

     1)  Business start-up expenses

    Startup expense is defined as any money that you spend before the business starts its operations. These expenses are not fully deductible. The deduction for startup expenses is limited to five thousand dollars ($5,000) and only applicable to businesses with a total start-up cost amount of fifty thousand dollars ($50,000) or less. Businesses that require a large cash investment such as restaurants may not be able to deduct 100% of their start-up cost in the year they spend the money. If business start-up expenses are over $50,000 then you get to amortize or capitalize this amount instead of getting a deduction. Also, segregating the cost such as depreciable assets could help to get you the maximum deduction in a year when your business is up and running.

    2)  Business Gifts

     

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  • 04/23/2017 1:14 AM | Patrina King (Administrator)

    ments

    We live in a hyper-connected society, and being disconnected for four hours if you’re in sales or marketing can be daunting—and seem like a major loss of time. While Twitter, Facebook, e-mail and even text messaging have made it easier to communicate with more people in the course of a single day, for some people, they mean devoting less time to the in-person interactions we use to actually build relationships. That’s why golf, a four-hour (or more) adventure through greens, fairways, bunkers, and other hazards, remains one of the greatest ways to build and maintain solid business relationships.

    “It’s a bit of a looking glass into how people think,” notes Brad Brewer, a PGA Professional and founder of the Brad Brewer Golf Academy in Orlando and the author of the recently released Mentored by the King: Arnold Palmer’s Success Lessons for Golf, Business and Life. “You observe over a period of time the habits of the individual. You see their integrity, their mannerisms, how they approach different situations, how they deal with success and failure. But in the end, I think the beauty of being able to create a relationship with somebody and bond with them for four or five hours is very valuable—I don’t know that there’s another place that you have the capability of doing that.”

    Continue>>> 


  • 03/23/2017 1:20 AM | Patrina King (Administrator)

    The Blackpreneur Team had an opportunity to sit down with the fabulous Patrina King Founder of Golf Women Mean Business. Let’s see what she had to say about her organization!

    1. Tell me about Golf Women Mean Business. Golf Women Mean Business (GWMB) serves as an innovative model to inspire entrepreneurs and career professionals to “play outside the box” when it comes to the sport of golf. GWMB teach business professionals the concepts of golf and how to use golf for business purposes. This concept is delivered by strengthening their business acumen through seminars, providing golf instruction through premier golf clinics and creating an environment for vetted networking.

     

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