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Business travel can reduce your taxes – here’s how

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American Airlines, kidnapping, travel, travelers, airline


Social media has modified and maybe lessened the necessity to travel in a road warrior. Due to this, deductions for air travel have also modified. Fasten your seat belts. Here are some frequent flyer advantages chances are you’ll be missing out on:

Wi-Fi, no point in flying: :

Wi-Fi access on industrial aircraft means that you can work within the air so you do not miss anything when you land. However, this connection and convenience may come at a price. Be sure to trace the prices of your services, because if the access was used for business purposes, bingo, it is a tax break!

Upgrade you too:

Beyoncé sings “Upgrade U,” but professionals often demand the very best seats with extra legroom. If you’re lucky and can get this bonus at no cost, consider yourself a winner. However, most travelers are required to pay. For example, should you’re flying Southwest Airlines and forget to ascertain in early, chances are you’ll have the opportunity to remain in cabin group C32 – and this might be your likelihood to think about upgrading to Business Select. The cost related to improving the service is tax deductible within the case of business trips.

Hungry for more:

You managed to finish the transaction, ran through the airport resulting from a final-minute gate change, and at last took your seat. By now you’ve got gained a giant appetite. Hold on as you’re taking off; save your receipt since the meal can be deducted as a business meal.

Hit the bottom while running:

Transportation to and from airports, driver suggestions and the price of parking your vehicle are tax deductible. Whether you select a yellow taxi, a green bus, a blue passenger van or a black automobile doesn’t change your tax deduction entitlement.

Curbside notice:

For many travelers, free curbside bag check-in is a price-added convenience. However, free is not, well, completely free because baggage handlers expect a tip. If you would like to make certain that your luggage will land in the identical city as you, it could be value paying. As with ground transportation, all of the following pointers are tax deductible.

Sanitary madness:

For travelers with saniphobia, some food items are tax deductible during business trips, so you do not come home with unwanted germs. Disinfectant wipes to wash trays, Lysol to spray on hotel light switches and distant controls, and bed bug spray to guard yourself—or a minimum of provide you with peace of mind—will assist you to get the Zs you want to do business the subsequent day.

Keep the following pointers in mind whether you are on the bottom or soaring at 35,000 feet. There are many advantages that will not be currently available with airline tickets, but a minimum of it’s good to know that you’re going to have additional advantages to sit up for at the top of the tax yr.

You can now move freely across the country.


This article was originally published on : www.blackenterprise.com
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Business and Finance

Minnesota welcomes state’s first Black-owned commercial farm

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Marcus Carpenter, Rural Hennepin Co. Welcomes Minnesota’s First


According to .

Freight Farms is a Boston-based agricultural technology company that was the first to provide and sell “container farms,” ​​or hydroponic growing systems that fit inside freight containers.

Run by farmer Marcus Carpenter and his Route 1 organization arrival of the Minnesota freight farm signals a big milestone in fighting hunger and disparities in access to food. “Today is an exciting day,” Carpenter noted because the semi accomplished its journey from Massachusetts to Medina in rural Hennepin County. “We are getting our first commercial farm. The crane will remove the freight farm from the back of the truck.

Boston-based Freight Farms supplies farmers world wide with recycled shipping containers that enable them to efficiently grow food in a controlled environment. For Carpenter and Route 1, this revolutionary approach not only provides fresh produce, but additionally provides youth engagement and education opportunities.

“Not only does this commodity farm allow us to grow over 200 pounds of fresh produce per week, but it also allows us to employ young people who may not have had the opportunity to experience farming,” Carpenter explained.

Route 1’s commitment goes beyond agriculture; their MN Seeds to Success Youth Academy offers hands-on agricultural and leadership education, overcoming systemic barriers which have historically limited Black participation in agriculture.

The importance of this endeavor underscores the broader context of inequality in agriculture. Carpenter highlights the historic denial of presidency support to Black farmers, which has contributed to underrepresentation within the agricultural sector and exacerbated food insecurity in Black communities.

“The modern method of commercial breeding is intended to change this,” Carpenter emphasized. “It gives us the opportunity to get good, clean, culturally relevant and nutritious food and put it in the middle of some of the food deserts in low- and moderate-income areas.”

With support from American Family Insurance’s community initiative, the Route 1 Freight Farm is a step toward eliminating equity gaps and promoting community sustainability.

Nyra Jordan, director of social investment on the AmFam Institute, emphasized the importance of Route 1’s multi-generational approach to agriculture and its potential to support positive change in Minnesota. “We have concerns about hunger in America,” Jordan told the Journal. “But at this local level and at the level of the work that Route 1 is doing, there is a solution… We believe that supporting markets and Route 1 is an innovative business model that will provide farmers with the land and resources that everyone needs to have a thriving farming operation. So we hope that we can support economic opportunities and address hunger.”


This article was originally published on : www.blackenterprise.com
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Business and Finance

The serial entrepreneur transforms clients into tax professionals

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Danni Washington, Entrepreneur, Tax Professionals


With billboards in 15 different states, the thriving tax services company is headed by Mississippi native Danni Washington, serial entrepreneur and founding father of Washington Credit & Tax Solutions, LLC.

Driven by an unwavering desire to encourage the following generation of young, Black entrepreneurs within the tax industry, the mental health advocate has built numerous successful tax firms, boasting a formidable network of 32 locations dedicated to providing unparalleled tax preparation services for people filing returns regarding self-employed people, individuals and firms.

Today, she continues her efforts through the use of her initiative to bridge the gaps for people of color facing financial disparities.

“I basically hired people who work in restaurants… just people who make the bare minimum,” the tax tycoon said BLACK ENTERPRISES. “I gave them a likelihood to make more cash in a brief time period. So I’d get them certificates and every little thing, and inside two to a few months they’d probably make their first $100,000. dollars… 200 thousand dollars.”

Washington has helped over 40 tax partners start their very own businesses from scratch. “From registering a company to purchasing banking products and software, I allow them to use my banking products to support their business,” she shared. “I also help them with financing.”

Making money and creating generational wealth is one in all the advantages of understanding an industry that she says “is something that will last forever.” The CEO, who can also be a beauty and fashion influencer, said filing taxes is something we must always all learn about.

“Where I come from… we weren’t raised to understand the tax industry,” Washington said. “I just feel like the financial world should be for everyone,” and understanding the changes is essential because tax filing is a priority. When we learn do things ourselves, we eliminate failure… so I attempt to teach everyone as best I can.

Business Tracking

It’s not a lot about development because it is about choosing the appropriate team. Tax firms should consciously determine who they place of their offices. “The right team will take you further,” said Washington, whose roster of performers has grown from 12 to 349.

“You need to lock yourself in your office,” she added.

There are several accountants in Washington, D.C., who help recent business owners with accounting and expenses. Washington gives his clients opportunities beyond taxes because he also serves as a financial coach. She shares other investments that resulted in her entrepreneurial success together with her clients. “Even though I teach them how to make money, I make sure they also grow it.”

Beginning tax specialists

Washington holds training every 90 days, 4 times a 12 months. It offers its clients accounting, bookkeeping and tax services for people and firms. Washington also offers coaching for many who might not be thinking about starting a tax partnership but still wish to study taxes normally. Partner training includes marketing materials, website development, memo forms, radio ads, flyers, pricing and training to educate your individual team.

A businesswoman who initially went to varsity to turn into a behavioral therapist, she now could be transforming into the Association of Wealthy Tax Professionals (ARTP), a tax consulting company whose mission is education, support and modern solutions for entrepreneurs within the tax industry. As owner, she has built a team ready and willing to assist provide entrepreneurs with the mandatory tools to reach tax preparation and business development, achieving their very own financial goals and constructing their communities.

ARTP provides tax preparation training, tax software and banking products, virtual one-on-one tax training, business development support, and individual and business application submission.

Do you continue to owe from previous years?

Washington also owes taxes to those that did not file tax returns in previous years. “I always start in mid-March to April,” she said. “For those who have debt, the first thing I look at is the tax return to make sure it’s done correctly.” If there was an error in reporting any information, she helps them complete the corrections process with the goal of keeping her clients out of debt.

Before filing taxes, Washington worked with hundreds of clients to construct their credit. “Credit can get you more things than your Social Security number,” she said. It also has partners offering lending services.

Meet the tax mogul in Atlanta this weekend, March 29-30, on the Women Making History ATL Social event.

Staying connected with this boss here.


This article was originally published on : www.blackenterprise.com
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Business and Finance

Experts share tips for managing your bank accounts

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According to . With banks offering modest profits When it involves deposits, the query arises: how much money must you keep in bank accounts? While there isn’t a one-size-fits-all answer, financial experts offer invaluable tips for optimizing your accounts.

For checking accounts, which usually offer low annual yields (APY), it’s advisable to keep up a buffer for your monthly expenses. Barbara Ginty, an authorized financial planner (CFP), suggests keeping one to 2 months’ value of expenses in your checking account. “Often you won’t pay much in a checking account. I would just keep a little bit of a buffer for your monthly bills,” says Ginty. “If your monthly bills are $3,000, I would recommend keeping an additional $1,500 or $2,000.”

However, checking accounts will not be ideal for long-term savings resulting from the low APR. Instead, prioritize constructing an emergency fund in a high-yield savings or money market account. Ginty recommends aiming for not less than two to 4 months of spending in a savings account, where you possibly can earn a better rate of interest – as much as 4% to five%.

Ken Tumin, founding father of DepositAccounts.com, advises investigating online banks for higher rates. Despite potential fluctuations in rates of interest, savings accounts remain a secure option for storing emergency funds.

“It is usually believed that (rates of interest) may fall by a comparatively small amount (in 2024). At the tip of the 12 months, rates of interest on savings accounts should still be at a really high level in comparison with previous years, says Tumin.

To maximize your savings, automate deposits into your high-yield bank accounts from every paycheck. This strategy prevents impulsive spending and progressively builds savings over time. Several banks now offer competitive rates above 5% on their high-yield savings accounts.

While it is vital to keep up sufficient liquidity in your checking and savings accounts, you need to avoid accumulating excessive money. Consider diversifying your investments beyond savings accounts to benefit from potential market gains. Balancing risk and reward is crucial for long-term financial growth.

When constructing an emergency fund, aim to offer three to 6 months of living expenses. However, individuals with dependents or on variable incomes might have to avoid wasting more. Even small contributions to savings can provide invaluable financial security in times of need.

Ultimately, the quantity you save on your bank accounts will depend on a wide range of aspects, including cost of living, dependents, and risk tolerance. By prioritizing the liquidity of your checking and savings accounts, while strategically investing for the long run, you possibly can achieve financial stability and peace of mind in uncertain times.


This article was originally published on : www.blackenterprise.com
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