Special Mailbag Episode #2

This week I’m answering a few more of your questions about everything from tax write-offs to KPIs!

KPIs

  • KPIs are a great way to track the overall health of your business

  • Referred to as “Desert Island Numbers”. What metrics would you need to know if you were stranded on a desert island and wanted to know how the business was doing?

  • Generally if you can put a number to the metric it can be tracked as a KPI.

Tips for first time managers

  • Create systems

  • Get your hands dirty

  • Clearly outline expectations

  • Support your employees’ growth and personal development.

Productivity

  • Routines are your bff

  • Rank your tasks and assign them to different parts of your day based on capacity.

Tax write-offs

  • Your home office.

  • Professional services - so anyone who doesn’t work in-house with you but you pay during the year like a consultant, lawyer, or accountant.

  • Office supplies and expenses

  • Client or team meals - For client meals and entertainment, you can typically deduct up to 50% of the cost provided that at least one employee was present and the meal was not lavish.

    • Expenses for your office parties and company retreats can be deducted.

    • You can also deduct office meals and snacks.

  • Freelancers or contractors

    • issue Form 1099-MISC to anyone who earned $600 or more from you during the tax year.

  • Furniture, big equipment you need to run the business, electronics

  • Computer software

  • Rent for an office or storefront

  • Start-up costs

  • Utilities

  • Travel expenses

  • Interest on any loans you’ve taken out

  • Education, so things like workshops or seminars

  • Licenses, trademarks, or anything related to intellectual property

Tayler Cusick Hollman