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National Small Business Week Tip #3: Adding Up Business Expenses

Each year, the U.S. Small Business Administration recognizes the contributions of small businesses to the success of the economy. This week, National Small Business Week is May 23-29.

There are many expenses in owning a small business. Although not every expense can be used as a business deduction, certain portions of car, travel, business use of your home, entertainment and gift expenses can be claimed. Knowing which expense is deductible and keeping good records is vital. For a specific lists of deductions, see Publication 463, Travel, Entertainment, Gift and Car Expenses and Publication 535, Business Expenses.

National Small Business Week Tip #2 - Good Records Are a Good Bet

Each year, the U.S. Small Business Administration recognizes the contributions of small businesses to the success of the economy. This week, National Small Business Week is May 23-29.

Today's tip is to keep good records for success. By keeping good records, small business owners can:
  • Monitor the progress of their business
  • Prepare their financial statements
  • Identify source of receipts
  • Keep track of deductible expenses
  • Prepare their tax returns
  • Support items reported on tax returns
For more information, see IRS Publication 583, Starting a Business and Keeping Records.

Free Small Business Seminar Through TechTown

Wayne State's TechTown, Detroit's research and technology park, is hosting FastTrac to the Future, a two day conference May 25th and 26th, for aspiring entrepreneurs. The conference will include breakout sessions on entrepreneurial topics, plus information tables and an opportunity to talk one-on-one with a business advisor about your goals. Best of all, it's free! Register online for this great opportunity.

Strategies of Success (SOS) Seminar

The Strategies of Success (SOS) series for business owners continues with "Reduce Your Costs and Achieve Top-Line Growth", held April 14th at the Summit on the Park from 7:30-9:00AM. Register by calling or emailing the Canton Chamber of Commerce at (734) 453-4040 or admin@cantonchamber.com.

Speaker Norma LaVallee of the Michigan Manufacturing Technology Center will speak about how to achieve top-line growth by operating your business more efficiently using proven continuous improvement techniques.

SCORE Big For Your Small Business

Canton small business owners can now get free business counseling! The Canton Chamber of Commerce has partnered with SCORE, an Ann Arbor based small business counseling service, for advice in areas such as finance, accounting and management. For more information regarding availability and appointments, call the Chamber at (734) 453-4040.

CommerceConnect Office Now Open in Plymouth

The U.S. Department of Commerce has opened the very first CommerceConnect office in Plymouth, Michigan. This new service center, located in the Michigan Manufacturing Technology Center on Haylard (near M-14 and Beck Road), is designed to connect business people with resources offered by the federal government - including research, analysis, market advice & financing options.