Entrepreneurship Archives - Print & Web Designer

Did You Know The Most Common Tax Deductions?

by Myra Ray | Jan 22, 2022 | Entrepreneurship, Web Design

Did you know Marketing Taxes are probably the most confusing aspect of business management — their numerous types, requirements, ever-shifting rates, and subject-to-change laws are enough to make any business owner go haywire. That said, knowing all tax obligations accurately and paying them on time is crucial for every business owner. This is true for both novice entrepreneurs and well-established business leaders — it is the only way to avoid costly penalties and legal punishments.

To save you from making pricey tax mistakes and tainting your business reputation, here is a list of the types of small business taxes:

Income tax

This is the most common type of tax that almost all business owners are aware of. They must pay income taxes on their annual net income, tips, unemployment benefits, profit from a property sale, investment, and wages.

Payroll tax

The payroll tax, also called employment tax, is levied from businesses with a set of employees. The payroll tax is withheld from each employee’s salary and remitted to the government. While income taxes go into the government’s general fund, the payroll tax is used for specific programs and to fund Medicare and Social Security.

Self-employment tax

As the name implies, the self-employment tax is paid by self-employed people, including freelancers and independent contractors. Every independent worker with yearly net earnings of over $400 is liable to pay some part of the earnings to the federal government.

Excise tax

An excise tax is charged on purchasing specific goods and services, including tobacco, fuel, and alcohol. If your business operations include purchasing these products or services, you are bound to pay the excise tax on all such transactions.

Property tax

Business owners have to pay property taxes if they have a brick-and-mortar store. It is an ad-valorem tax — taxes based on the assessed value of an object — calculated by the local government, and a business owner is liable to pay the said amount.

Save money through tax deductions

The list mentioned above includes major taxes that every business owner must know about — there can be more types of taxes that you may have to pay depending on your local laws. This means businesses worldwide have to reserve a significant chunk of their profit for taxes, which is disappointing — it is disheartening to see your hard-earned money flee!

Therefore, business owners try to save their money through tax deductions. Tax deduction refers to the reduction of the taxable income to lower the tax liability — it is a lifesaver for business owners, as it significantly reduces the amount they pay on taxes.

One of the most common business costs that qualify as a deductible business expense is marketing — yes, the business aspect you probably spend the most on can help you save your money. Lately, the Internal Revenue Service (IRS) declared that the business expenses that help you build a positive public reputation would be considered as a deductible expense — so you don’t need to worry if you are opting for slightly expensive Triangle Web Design, Print Design, or Infographics Design Services, after all, it is helping you pay fewer taxes!

After talking to an expert, you can subtract the marketing expenses from your current income, thereby reducing your taxable income. In other words, if you earn $50,000 per annum and your marketing expense is $2,000, you can subtract the $2,000 from your total income and pay taxes only on the remaining $48,000.

We are listing the marketing costs precisely for your convenience so you can claim tax deductions.

Website

As we know, websites are virtual gateways to a business that allows people to understand what the company offers — engaging and customer-centric websites have higher chances of conversions. Therefore, North Carolina-based businesses invest in Durham Web Design Services or Sanford Web Design Services.

Website creation and management costs are higher, especially for well-established firms. Fortunately, it counts as a deductible expense. If you hire a digital marketing agency in North Carolina to handle your brand’s marketing and website, you can apply for a tax deduction.

Advertisement print material

You may not realize it, but the cost of printing adds up fast, eventually becoming a huge business expense. And if you go for colored prints with a gloss finish, it may even cost you a fortune — let alone custom printing!

Here is good news, though: all promotional print materials are eligible for a deduction. So, opting for high-end companies in NC offering brochure design and magazine design should not worry you.

The tax-deductible items include:

Postcards
Business cards
Direct mailers
Flyers
Product brochures
Tradeshow displays

Digital marketing campaigns

Most businesses invest in digital marketing campaigns to expand their outreach, be more visible, reach their target audience, make conversions, and maximize profits. These campaigns are a significant part of most NC-based businesses, as it helps increase revenue. Here is a list of common digital marketing campaigns that are tax-deductible:

Social Media Marketing
Email Marketing
Influencer Marketing
Instagram, Facebook, and Twitter Campaign Ads
Google AdWords and Pay-Per-Click (PPC) Campaigns

Marketing software expenses

Today, there are many marketing software conducive to successful business management. They are designed to automate common business processes, such as lead management, to boost efficiency and minimize human errors. Companies usually buy monthly or yearly subscriptions to such software. Now, you can easily add them to tax deductions and yield financial benefits.

Common software that businesses in North Carolina use, which are tax-deductible, include:

Hubspot
MailChimp
Hootsuite

Start-up marketing expenses

Gone are the days when establishing a business was a mere pipe dream for budding entrepreneurs — the expenses made the venture seem impossible. Today, you can easily set up your small business in North Carolina without having to pay a huge sum of money as tax.

The IRS declared that you could add many business marketing expenses to the tax-deductible list. You can deduct the costs you pay before launching your business from your annual income, thereby reducing your tax amount.

Conclusion

Now that you know you are, in a way, saving when you are paying for that company offering brand design services, infographic design, or magazine design, why not hire one? If you are looking for “Triangle web design” or “Sanford web design” on Google, Print and Web Designer is here to do the needful. We are an NC-based digital marketing company offering marketing solutions — everything from graphic design to keyword research. If you are motivated to scale your business, give us a call at (336) 684-6505 or write to us at info@PrintandWebDesigner.com today.

1099s vs. W2 Employees. What’s the difference?

by Myra Ray | Dec 30, 2021 | Entrepreneurship

If you have landed here, you are probably considering reducing the number of full-time employees (W2) and hiring self-employed independent contractors (1099) to perform specific jobs. There are significant differences in how these two types of workers are classified with the Internal Revenue Service (IRS). Knowing these differences is crucial if you want to avoid hefty fines, tax penalties, and even a lawsuit against your North Carolina business.

Related Blog: 8 Common Business Tax Deductions

Who is a W2 employee?

A W2 employee is someone who you recruit and add to your payroll — your typical, salaried employee. The litmus test used by the IRS to determine whether someone is a W2 employee is when the business controls what work is done and how it is done. The company manages the specific details of how the job is done even if the employee enjoys considerable autonomy in doing their job.

According to IRS regulations for W2 employees, you must withhold income taxes from the employee’s paycheck and provide them with a minimum wage and other benefits such as health insurance, overtime pay, unemployment insurance, and workers’ compensation insurance. You must also provide W2 statements to employees at the end of each year and report their earnings to the IRS.

Who is a 1099 employee?

1099 contractors are independent contractors hired to perform specific tasks outlined in a written agreement. While businesses can control or direct the results of their work, they have no control over what is done to deliver the results or how the job is done.

You are not required to withhold taxes from the contractor’s check or pay payroll taxes in most cases, though you must provide them with a Form 1099-MISC, which they will use to report their earnings. According to 1099 employment rules, an independent contractor is not entitled to minimum wage, health insurance, paid time off, and overtime. They are not also covered by workers’ compensation or unemployment benefits.

Understanding the Difference

With a W2 employee, you make all the decisions. You decide how they work, when they work, what they can (and cannot) do, what level of performance is acceptable, and how much they will be paid. A W2 employee may work in your office, using a desk and computer provided by you, and be assigned to a fixed shift. They work for your business on an ongoing basis, and you have complete control over how they carry out their responsibilities.

1099 workers, on the other hand, make their own decisions. They have complete control over how the work is done and how much they are paid. They are responsible for outcomes rather than processes. A plumber or electrician you hire to deal with an issue at your business is an example of a 1099 worker. You tell them what you want done but rely on their experience and expertise to get the work done right.

As an employer, you bear the responsibility of deciding how to classify workers. Unless they meet the stringent standards for being an independent contractor, they are presumed to be employees under the law.

Reasons to hire W2 employees

W2 employees get the job done in the manner that you specify.
W2 employees are more consistent in their job and more loyal to your business. Because 1099 workers are free to work with other clients, you are not their exclusive priority.
You can reassign W2 employees to other roles and responsibilities as needed by your business. 1099 workers are hired to perform specific tasks.

Reasons to hire 1099 workers

You can engage 1099 workers on a project-by-project basis. This allows you to be more flexible as your business priorities change.
1099 workers may be able to bring specialized expertise to the table that your employees do not have. If you have a project that requires particular design or technical skills, you will almost certainly be able to find an independent contractor for the job.
When you engage 1099 workers, you may be able to reduce your business expenses because you will not be required to provide benefits or overtime.
There is also less paperwork involved because you are not required to withhold taxes.

Common-Law Rules

The IRS will consider the degree of control and independence in the following categories when deciding whether someone is a W2 employee or 1099 employee:

Behavioral: Are you in charge of or have any authority over what the employee does and how they perform their responsibilities?
Financial: Are you in charge of the financial parts of the employee’s job? This could include how they are compensated, whether job-related expenses are covered, and who provides the necessary tools to get the job done.
Relationship: Is the work done a “critical part” of your business? Is this a long-term relationship? Are there any formal contracts or benefits associated with being an employee, such as health insurance, retirement contributions, and flexible spending accounts?

The level of control a business has over its workers is what the employee classification process ultimately comes down to. If you control the majority of a worker’s job, they are most certainly a W2 employee. If they have a high level of autonomy, they are probably a 1099 worker.

If you are still unsure whether someone is a W2 employee or a 1099 worker, you can seek clarification from the IRS. There is a form for it (Form SS-8), but it can take up to six months to get a determination.

Professional Design Services in Raleigh, NC

In addition to giving you insight into being a successful entrepreneur, Print and Web Designer can help you boost your inbound marketing efforts. We can also handle other aspects of your brand design needs, including brochure design, print design, magazine design, and web design. So, stop searching for “Triangle web design services,” “Durham web design services,” or “Cary web design services,” and give us a call at (336) 684-6505 or write to us at info@PrintandWebDesigner.com today.

A Networking Group that Works for You

by Myra Ray | Nov 30, 2021 | Entrepreneurship

Networking people sitting around a table and drinking coffee When it comes to expanding your business in the Research Triangle area, networking is key. While your inbound marketing efforts are commendable, you should not discount the value of networking.

Also Read: Common Mistakes made by entrepreneurs – Your Style

It’s simple — the wider your network, the more likely you are to know someone who can support your business growth.

Thanks to the Internet, you now have innumerable excellent opportunities to network with others. Here are six ways for finding networking groups:

1. Look at online networking sites

Nowadays, there is a website for just about everything — and networking is no exception. Here are two websites that can assist you in finding or organizing networking events:

Meetup: Discover [mostly] free meet-ups from every industry. For regular group meetings, there is also a category for “career and business events.”
Eventbrite: This is the place to look for seminars, conventions, and exhibitions. There is a lot to explore.

2. Turn to social media

Social networking is important in both our personal and professional lives. So it logically follows that you should search through your social media profiles for networking opportunities.

Yes — social media can not only shape your brand design, but it can also be a fantastic networking tool.

If you are a member of social media platforms like Facebook and LinkedIn, you can look for industry events in your area. You can also look at the profiles of those who will attend and stay connected with them after the event.

Also Read: How To Keep Your Brand Consistent Across Social Media

3. Reach out to local organizations

Make the most of your community resources. Check with your local chamber of commerce and business groups for open workshops and meetings.

Although membership fees may run a little higher, local organizations can help you network with other business people in your area.

4. Support a good cause

If you are willing to volunteer your time, look for a non-profit organization that needs your help and support. Charity or fundraising events will allow you to socialize with others who share similar interests.

5. Why not host an event of your own?

Invite business people in your area or industry into your business or allow other local organizations to use your space for a networking event.

6. Follow up

If you have attended a networking event or hosted one, follow up with those you spoke to. These people may even be able to provide you with information about an upcoming networking event.

Find the Best Networking Opportunity

It is crucial that you only participate in networking events that are a good fit for you. After all, there is nothing worse than wasting your resources by joining a networking group that will probably not help you reach your long-term business objectives.
Spend some time researching different networking groups to ensure you pick the best one(s) to invest your time, money, and expertise in.

But how do you do that? Here are a few tips to keep in mind:

If it is a Chamber of Commerce or professional association, visit the office and meet the employees. If it is a volunteer organization, like a Rotary Club, reach out to the management and speak with the board directly.
Attend at least two events to get a true sense of the networking group. The first event — whether it was impressive or disappointing — could have been a fluke.
Talk to the members about how long they have been involved with the group, how they have benefited from their membership, and if they would recommend you to join the group.
Inquire whether anyone in the community has any comments on the networking group you are thinking about joining.
Someone you know may be a member of a group or have had previous interactions with one. Go one step further by seeking advice or recommendations from your social media contacts.
Think about the value you believe the group can bring to your Raleigh business. Compare the features and benefits of each group. Price may also play a role in this. For example, one networking group may have an all-inclusive price, but another may charge a monthly membership fee. $10, $20, and even $50 may not seem to be much at first glance, but these costs can add up fast and hurt your bottom line.
Does the group’s personality/culture match that of your Triangle business? Some networking groups can be uptight, but others always seem to have a fun time no matter what!
Is the group’s structure or flexibility what you are looking for? You may want something well-structured where every member bears some accountability, or you may prefer a self-paced group into which you can slowly dip your toes. Find out the networking group’s expectations, and think about if they could be a deal-breaker for you.
Joining a committee, volunteering at local events, or becoming a board member are all great ways to truly benefit from a networking group. Sure, it needs a greater level of commitment (and thus more time), but it can be the most fulfilling professional experience you will ever have. You can also volunteer to use your expertise to help the group grow.

Some more things to keep in mind…

You must be willing to put in the time required to benefit from being a part of a networking group. You will not gain much if all you are is a name on a membership list. Commit, put in the time, and you will most certainly see results.
You can be a member of more than one networking group simultaneously (and we encourage it), but do not join so many that you cannot effectively be a member of any of them.
You are the only one who can decide what the best fit for your business is. However, when you finally decide to join a networking group, make a concerted effort to add value by volunteering your expertise. In exchange, you get to take advantage of everything the group has to offer.

Final Notes

There are numerous ways to find local networking events that suit your business needs. And remember, if you cannot find the ideal group for you, you can always start your own.

Call Print and Web Designer at 336-684-6505 or write to us at info@PrintandWebDesigner.com for your networking strategy session today! We can also help you with your company’s branding needs through services such as brochure design, print design, magazine design, and web design. So, stop searching for “Triangle web design services,” “Durham web design services,” or “Cary web design services,” and reach out to us today.

Common Mistakes Made By Entrepreneurs

by Myra Ray | Nov 18, 2020 | Entrepreneurship

Starting a business can be exhilarating. The excitement of building an empire, or even just a profitable enterprise, from scratch is intoxicating, but sometimes this eagerness can get in the way of an entrepreneur’s success. Entrepreneurs, riding on their passion for leading, often end up drowning in debts because they jumped in with both feet. Regardless of the size, setting up a company requires months of effective planning that should address every possible bump in the road ahead. Generally, when someone manages to corral seemingly enough dollar bills to get through the struggling days of a startup, they assume they are all set to run a business. But that is precisely what lands them in hot water later because they skip a bunch of essential steps that constitute the most disastrous mistakes one can make.

Here are three of those unfortunate mistakes.

Not Doing Enough Market Research
There are two sides to this coin; one is not carrying a primitive survey of the market, and the other is not thoroughly studying the competition. In order to run a successful business, having elaborate strategies is a must, and your approach can never be adequate if you don’t know your competitors inside out. To beat others, you need to know what they are doing so that you can do it better!

Neglecting Copyrights
Many startups, primarily related to design, such as brochure design, print design, brand design, or even web design, make the mistake of not checking the copyrights of an image or illustration and subsequently committing copyright infringement. Whether done deliberately or inadvertently, copyright fraud is a serious violation of the law and bears severe consequences. Therefore, you should always double-check the rights on every graphic piece you use for your business.

Not Spending Enough On Marketing
A business is as successful as its digital marketing strategy. If a startup doesn’t recognize the power of inbound marketing and hence doesn’t spend enough time and effort on it falls off by the wayside unbelievably fast. A business can only thrive if consumers know about it. And that’s only possible with smart advertising and publicizing of the enterprise and its offerings.

For a strong market presence, having an unmistakable online presence is incumbent. Make an indelible mark for your business with an engaging design. And lucky for you, we excel at just that. If you are looking for web design experts in NC, or any other design field, reach out to us at Print and Web Designer today and let your business soar!

Benefits of Having an Organized Office Space

by Myra Ray | Oct 30, 2020 | Entrepreneurship, Services

Every person is different. Their needs are different and so is their way of living. So, if we talk about organizing, some people love it, while others hate it.
However, the fact is that working in an organized office space enables you to complete your work on time. Scroll down to explore the countless benefits of working in an organized office space.

Organized workspace communicates professionalism
Creating an organized workspace is essential not for you, but for your customers, employees and co-workers as well. It creates a good impression in front of the people you want to impress. It shows how professional and dedicated you are while promoting a strong work ethic. Hence, it is true what they say, “cleanliness is close to godliness.”

Increase in productivity
Productivity is the heart and soul of any business. If you want your employees to be productive, keeping an organized workspace is one of the many important things that can help you achieve this goal. It helps save time because instead of hunting for items, your focus will be on completing tasks.

Reduction in workplace accidents and injuries
An unclean area can often lead to accidents. To prevent accidents from taking place, an organization should take into account various precautionary measures.

Reduction in stress levels
What if your supervisor asks you to track down a four-year old document? If you have an organized workspace with your files all neatly labeled, you will not have any trouble tracking down that document. It will all be a piece of cake.

Time saver
Punctuality is an essential key to being successful. You should set calendar alerts to avoid losing track of time while focusing on other tasks. Being punctual will also impress your manager and it will help create a good impression on them.

People usually miss their deadlines because they get occupied doing other urgent tasks. If you want to meet your deadline on time, you should set calendar alerts that will help remind you of your upcoming tasks.

Being organized makes a good impression on clients
A well organized, clean, and stylish office space will leave a good taste in your clients’ mouths and convince them to trust you as a reliable and trustworthy provider.

Cleanliness improves creative-thinking skills
If you have organized everything properly, you won’t have to waste your time looking for documents or moving here and there. Instead, you will utilize your time doing productive things, such as coming up with creative and innovative ideas for your business to boost business operations and reduce costs.

Regular storage of files
It is vital to store all your work on your computer and create back-ups. To be organized, one should come up with the following storage ideas for a smooth filing system.

Create a separate folder for your meetings
Keep storage boxes
Create a separate folder for archived files
File everything once a week

Get organized today! Hopefully, the reasons mentioned above have provided you with enough motivation to start organizing your workplace and make your life easier. You can take a look at some additional benefits too if you need more motivation!

Once you are clear about having an organized space, you can always take a step further and think about other possible ways to extend your business. You can start by learning the significance of being consistent over social media. If you need help with any such services, simply visit our website for more information.

The Vacationing Entrepreneur

by Myra Ray | May 21, 2020 | Entrepreneurship

Being an entrepreneur is not easy. The unrelenting responsibilities that come with running a business always keep the business owner on their feet all the time. They have to make sure they are producing high-quality work while generating new ideas to stand out in the market. It is a lot of work with no breaks. Because when you are the one who is keeping the business up and running, you don’t have the liberty to take time off. Or so you believe!

More often than not, entrepreneurs refuse to take time off from work, thinking that their business will suffer if they do. But that’s a fallacy that’s been around for too long. Going on a vacation if you are an entrepreneur does anything but harm your business. Your mind is not a machine; even if it works like one, it still needs to breathe and relax every once in a while to recharge. An overworked mind is as good as a sedated mind. And such a mind cannot benefit anyone or anything, let alone a business.

If you are a business owner and you are on the fence about going on leave, then here are three reasons that will convince you to hop on the train to vacationland right away.

Vacation Recuperates the Mind and Soul

Working the body and mind continuously can wear them out. Even robust machines in factories are turned off now and again to keep them from malfunctioning. If you want to stay at the top of your game and give the business your 100%, then you need to let your mind recover from the exhaustion of working nonstop.

Once you take a break and then return to work, you’ll notice a significant change in your productivity level. You’ll see that you are able to deal with challenges better and focus for longer durations without faltering.

Vacation is an excellent way of destressing the mind to revitalize it. Go on a holiday, and if you can’t do that right away, then read our guide to destressing if you are a business owner.

Vacation Inspires Creativity

If you work in a field that is about creating things and coming up with new ideas such as inbound marketing, or web design, then you need to go on vacation all the more. Exploring new places and meeting new people opens up the mind like nothing else. When you experience new things, you learn to look at things differently and, as a result, come up with new ideas naturally.

If you don’t experience new things, then chances are your business running techniques will remain run-of-the-mill, and as a result, it will not stand out in the market. In today’s competitive world of business and marketing, attracting customers is all about putting out fresh content, and if you fail to do that, your business will suffer.

Go on vacation to take inspiration from different places, and if you want help in doing that, then read how to spark creativity on vacation to learn.

Everyone Deserves a Break

Running a business is tough. And anybody who does that deserves a break. You work day and night to take your business to unprecedented heights of success, and while it’s great for the business, it may not be best for your health. Give yourself a well-deserved respite from work occasionally to take care of yourself.

Businesses bloom if their owners know the art of balancing work and life simultaneously. If you want your entrepreneurship to succeed, then learn to take a break and enjoy some time off every now and then.

Need to know more about running a small business or looking for brochure design or any other form of brand design to reinvent your brand image? Contact us today and take your business to the next level. We excel at creating graphics for small businesses with 25+ years of experience in Durham and Cary Web Design.

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