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Business Trends

Moving Out of the Home Office — Four Tips for Growing Businesses

Moving Out of the Home Office — Four Tips for Growing Businesses

Did you know that an astonishing 52 percent of small businesses are based out of a Home Office? That’s according to the SBA’s Office of Advocacy.

As a CPA in Miami, I’m aware that a Home Office based business must have numerous advantages for many business models, and for businesses of different ages.  For example, during the start-up phase it represents a low-cost and low-risk avenue for conducting business. However, a home office has its limitations. Small business owners often find that they are not cut out to work from home, or they’ve found their enterprise growing and need to hire employees, or they simply need a more professional space in which to conduct business.

But how do you make a seamless and cost-effective transition from a Home Office business to a professional office space? Here are some best practices to consider as you expand beyond your home-based business environment.

Outsource Accounting Services

As a small business owner in Miami, you want to make investments in your business; outsourcing accounting services in Miami will do that just that. QuickBooks is a great accounting software program, but unlike what most people think you need to have basic accounting skills. As a Miami Accountant I see it all too often, garbage in – garbage out. Our Accounting Services in Miami are your virtual accountants that can help you keep your books straight and accurate. Our accounting services will also save you money and help you better the bottom line of your business. Accounting Miami Firms are not all the same. Accounting is something that you need to outsource, so do not try to do it yourself. Look at how Accounting Miami is actually an investment for your business.

Assess Your Home Office Budget

If you are considering a commercial property lease, make sure you have a clear sense of your Home Office vs Commercial Lease budget on a per-square-foot basis. Ask yourself how many offices, cubes, or workstations you’ll need, now and in the future. If you anticipate further growth, preempt the need for multiple moves by looking for a building that has extra space you can expand into should you need it.

Your budget should also include cost estimates for furniture, utilities, and IT needs. Don’t go overboard though; as you transition from home to an office, invest your resources wisely. One option is to rent office furniture and equipment, or buy government surplus equipment (a little known but very cost-effective way to equip your business.) Alternatively, you may want to introduce a hot-desking policy or shared office space. This will allow employees to literally share a “hot-desk” on a rotating basis. So if one employee is teleworking or taking flex time, another employee can use the same desk space.

Consider Serviced Offices or Suites

A great option for making the transition from a home office to a professional environment is to rent a serviced office or executive suite. Usually located in busy business districts, these premises are fully equipped and managed by a facility management firm. The rental agreements for these spaces are often more flexible than commercial leases and also give you the option of easily scaling up if you need to. Typically a serviced office broker can help you locate the right space.

Decide on a Location

Deciding on a location for you new office or retail outlet will take some research. You want your presence to be felt, but you also want to make sure you’re visible and within reach of your target customers. If you are in the retail service industry, having a store concept or design in mind is also a good idea; this will help you pitch your business to commercial leasing companies seeking the “right kind of tenant” for their property.

Update Your Business Regulatory Paperwork

When you relocate your business to a new city, county, or state you’ll need to update several key business requirements. For example, both your business licenses and permits and your “Doing Business As” name (DBA) filing will need to be updated with your local government.  Visit the Incorporating and Registering Your Business page for more information on how to re-register your business in a new location. If you move to a new state you’ll also need to understand your new city/county tax requirements, as well as notify your previous state of your move. Find links to your state revenue office here.

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Tax

Miami Accounting Firms Reminds Parents of Ten Tax Benefits

Miami Accounting Firms Reminds Parents of Ten Tax Benefits

Miami Accounting Firms know your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things Miami Accounting Firms wants parents to consider when filing their taxes this year.

Miami Accounting Firms

1. Miami Accounting Firms remind you dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information.

2. Child Tax Credit You may be able to take this credit for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. For more information see an Miami Accounting Firms.

3. Child and Dependent Care Credit You may be able to claim this credit if you pay someone to care for your child or children under age 13 so that you can work or look for work. See a Miami Accounting Firm for information on Child and Dependent Care Expenses.

4. Earned Income Tax Credit The EITC is a tax benefit for certain people who work and have earned income from wages, self-employment or farming. EITC reduces the amount of tax you owe and may also give you a refund. Miami Accounting Firms have more details.

5. Adoption Credit You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child. If you claim the adoption credit, you must file a paper tax return with required adoption-related documents.  For details, consult with a Miami Accounting Firms or the instructions for IRS Form 8839, Qualified Adoption Expenses.

6. Children with earned income If your child has income earned from working, they may be required to file a tax return. For more information, see a Miami Accounting firm.

7. Children with investment income Under certain circumstances a child’s investment income may be taxed at their parent’s tax rate. For more information, see IRS Publication 929, Tax Rules for Children and Dependents or an Miami Accounting Firms.

8. Higher education credits Education tax credits can help offset the costs of higher education. The American Opportunity and the Lifetime Learning Credits are education credits that can reduce your federal income tax dollar-for-dollar. See Miami Accounting Firms, for details.

9. Student loan interest You may be able to deduct interest paid on a qualified student loan, even if you do not itemize your deductions. For more information, see IRS Publication 970 or a Miami Accounting firms.

10. Self-employed health insurance deduction If you were self-employed and paid for health insurance, you may be able to deduct any premiums you paid for coverage for any child of yours who was under age 27 at the end of the year, even if the child was not your dependent. For more information, see the IRS website.