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Ask a Vetrepreneur: Article 3

By StreetShares on August 25, 2015

This column is designed to give sound advice on entrepreneurship and business ownership to veteran entrepreneurs and their families.  

What are the best tools to help with accounting for my small business?

The best tool for accounting would be to hire a Certified Public Accountant. They can help ready your financials for tax filings and offer financial and other business guidance. For accounting software, Quickbooks, Freshbooks and Xero are all good places to start.

If you are looking for expense accounting and tracking, Neat or Tallie are great tools. Both seamlessly integrate with Quickbooks Online and are easy to use. Knowing who is spending your cash and where it is going is a necessity for any business. Both of these expense reporting tools are a good solution for solving that organizational need.

What are ways I can save on taxes as a small business?

Small tax deductions take a little extra work, but your savings can really add up. Here’s a few ways you can catch a break:

  1. Going green: Government agencies offer a variety of tax credits, rebates and incentives in support of renewable energy practices, such as the ones listed on the Small Business Administration’s website. 
  2. Hiring a military Veteran: we strongly believe Veterans are a valuable asset to any business, and apparently the government does too. The Hire Heroes Act of 2011 provides tax credits for qualifying Veteran employees.
  3. Being a startup: Yep. Haven’t even opened your doors? Turns out the IRS gives tax breaks up to $5,000 for costs associated with starting a business.

For a list of common tax deductions for small businesses, check out this blog post on tax breaks.

Mark L. Rockefeller is an entrepreneur, attorney and Veteran. He is the Co-Founder and CEO of StreetShares, an online marketplace where investors compete to provide shares of commercial loans to small businesses. StreetShares has been described as “Shark Tank meets eBay” for small business loans and has secured a commitment of $200 million to fund Veteran-owned businesses.  

Follow Mark on Twitter @markrockefeller or StreetShares @StreetShares

Have a question? Send them to Mark at questions@streetshares.com.

© 2015, StreetShares Inc. All rights reserved.

Topics: Veteran Small Business, Funding Your Business

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