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by Solange Lopes | Mar 31, 2017 | Make More Money
It’s tax season, and it also is a time when you may be strapped for, well… cash. Whether you’re experiencing delays in getting your tax refund, or you happen to owe back taxes, there can be a host of reasons why you may be in need of cash during tax season.
I mean, how many times have you heard people complain of the fact that they’re flat broke during tax season because they’ve been hit with some tax penalty or another? Or that they’ve been expecting their refund but haven’t gotten it yet? Or that their refund is actually less than what they were counting on?
I know as a Certified Public Accountant (CPA) who volunteers to file taxes for individuals, I’ve heard quite a few of these complaints. The tax process isn’t necessarily one that’s predictable, and I’ve seen my share of filers who were unexpectedly dealt an unfortunate hand at tax time.
That’s when Check Into Cash comes in play. A trusted, state licensed and regulated lender for over 22 years, Check Into Cash can help with a short-term cash advance. Depending on the state you live in, you may be able to get up to $1,000 in cash. In some states, you can even apply online.
Some of the pros include no application fee, and that you can get an answer in less than 30 seconds, in addition to the fact that this service is available 24 hours a day, 7 days a week. While you do need a checking account and will incur a fee, this may very well be the solution to your tax season cash crunch time!
PS: Please note that The Corporate Sister is not affiliated with Check Into Cash.The Corporate Sister may be compensated for referring you to Check into Cash.
To Your Success,
The Corporate Sister.
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by Solange Lopes | Mar 28, 2017 | Make More Money
March is Credit Card Education Month, and The Corporate Sister is partnering with Fundera to provide vital information on what it takes to guarantee your credit card success as a small business owner. Fundera’s mission is to get small business owners the financing they need to grow, which also happens to be one of the biggest challenge for entrepreneurs.
As a relatively new entrepreneur, I know it can be quite challenging to fund your business, especially in the beginning. It can be tempting to get in deep credit card debt to cover your business expenses, at the risk of losing most of their assets.
To help you ensure your credit card success as you grow your empire, Fundera has put together this extremely descriptive and helpful guide to Credit Card success.
Guide to Credit Card Success – Photo credit: fundera.com
What other questions do you have when it comes to guaranteeing your credit card success?
To Your Success,
The Corporate Sister.
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by Solange Lopes | Mar 26, 2017 | Start Your Business |
“You don’t have to have it all figured out before you dive in” – Lisa Jakub
And so started this’ year’s Lady Project summit, which I had the pleasure of attending for the first time this past week-end in Providence, RI. And all I can say is ah-mazing! From the emotional opening keynote by writer Lisa Jakub, to Governor Gina Raymondo’s empowering address, to the amazing workshops and closing keynote by the inspiring Rhonesha Byng, it was all in all an incredibly powerful experience!
Being my first summit of the kind, I wasn’t sure what to expect. Neither was I prepared for the onslaught of positive, enlightening feminine energy channeled throughout the entire event..Held at the Veterans Memorial Auditorium, aka the Vets, in Providence, RI, the summit gathered over 300 women from all over the country, from various careers, businesses and life paths.
Lisa Jakub, Author and Lady Project Summit 2017 Keynote Speaker
“We are so much more than our work, marital status, dress sizes…“- Lisa Jakub
In a deep heartfelt and emotional keynote, the writer took us along her personal journey from being a successful child actor to quitting the Hollywood jungle in her twenties to become a writer. In her enlightening speech, she shed the light on becoming our more authentic selves, finding purpose in the mess, and demystifying the stigmas of anxiety and depression. As I listened to her, I felt the weight of all the societal pressures towards women in particular, and people in general, lift up. We all face the fear of showing up as our most authentic selves, whether it’s at home or in life. Sometimes, all it takes is one brave person who has enough courage to expose what most of us go through to give us permission to be all we can be. And Lisa did just that…
The opening keynote was followed by an electrifying address from RI Governor Gina Raymondo, showing her support for the Lady Project. One her phrases in particular caught mine and the audience’s attention: ” There are only four female governors in America. We must stay in the game.” In a few well-chosen words, she reminded us that as women we not only need to stay the game, but own it. One of the most powerful examples she gave of changing young girls and women’s perspectives is that of the “Governor for a day”, whereby young girls are picked through an essay contest to shadow her for a day. This reminds us of our responsibility to give young girls and women sources of inspiration and faith in the possibilities that lie ahead of them…
RI Governor Gina Raimondo – Lady Project Summit 2017
A series of workshops ensued, from professional, career-oriented workshops, to writing and PR ones, among others. One of my personal favorites were the “Plan Your Pivot: Changing Careers without Scrapping everything you’ve worked for“, led by the impressive Adrian Granzella Larssen. She inspired the audience by telling her own story of pivoting careers, and offered various effective strategies to change careers by leveraging all the skills, talents and experiences we bring to the table.
Another one was around increasing our social media visibility, led by Appleseed Communications founder Ashley Crouch. The session was a highly informative medley of PR success strategies and media examples, providing an excellent blueprint for small business owners.
Ann Shoket, Author, The Big Life
“Your squad is those women who help you succeed.” Ann Shoket, Author & Bad Ass Babe-in-Chief, “The Big Life”
If you’ve never been in one of Ann Shoket’s workshops or dinners, you must! After attending one of her Bad Ass Babe dinners in Providence the evening before, I had the pleasure of being part of the lunch workshop she led during the summit. Hearing Ann talk about the big life she describes in her book, from having a strong career, a passionate side hustle, to a supportive squad, it seemed possibilities are indeed endless for women.
One of the key distinctions she made, and which made me rethink the meaning of what a squad really is, is that your squad doesn’t have to be your group of besties. These are women who push you, empower and inspire you to be your best self and to reach for your dreams. So many of us need to have this, the real squad, not just the “let’s grab a drink and gossip” girls. But the women who lift us up, push us forward, and propel us towards our best lives and careers…
Rhonesha Byng, HerAgenda’s Founder
“When your potential meets exposure, you explode“. Rhonesha Byng, founder of HerAgenda.
Although the day had been all kinds of amazing, I couldn’t wait for the closing keynote of the day. I’ve been a longtime fan of Rhonesha Byng and an avid follower of HerAgenda, the media platform she started at only 16. Watching and listening to her, I not only saw a media powerhouse, but a strong, proud, successful Black woman giving us all the example of what is possible for women to achieve and beyond.
One of the key points of her speech for me touched to our need to champion women, so we can all be in the rooms where decisions are being made and change is being effected. The rooms where our voices need to be heard. For our potential to be seen, we need this exposure. We need to enter those rooms. And we also need to leave the door open for other women to enter those rooms, and let their voices be heard.
Yet the high note of her address occurred when she spoke of her young Black and Latino girls missing in DC because not enough attention’s being paid to their disappearances. It was a wake-up call she illustrated by sharing her own personal story of escaping abduction. Her transparency, vulnerability, as well as her incredible power and influence, kept the room barely breathing. She taught us all a lesson in determination, resilience, but also in sharing our stories, our power, our platforms to effect change and champion other women.
After a well-deserved standing ovation, Rhonesha Byng left a room bursting with hope, power, and motivation, as we went on to toast to a day to remember…
So thank you the Lady Project for an astounding time! See you next year…
To Your Success,
The Corporate Sis.
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by Solange Lopes | Mar 22, 2017 | Make More Money
Our Ask A CPA feature answers to questions frequently asked to CPAs. As a CPA, I love to answer these for our readers. Got a question? Email me at corporate@thecorporatesister.com!
Q: I’m self-employed, and am not sure which deductions I can take on my tax return. Can you help?
A: If you’re self-employed these days, you’re in excellent company. Roughly 55 million Americans are as well… And when it comes to tax season and making the most out of your business expenses, there are many deductions you can take advantage of:
- Your Home Office: All those equipment expenses you incur, not to mention the very space you use in your home to conduct your business operations, are all deductible. The IRS allows you to deduct part of your rent or mortgage associated with the space you use as your home office. Additionally, you’re also allowed to write off a portion of your home utilities and insurance related to your home office.
- Work Expenses: Various costs directly related to your business can also be deducted, including office equipment such as computers and printers, printing paper, business cards, and even ink and toner… Even expenses such as website hosting and domain name, or online payroll software costs, can be written off of your taxable income.
- Software and Hardware: If you bought a desktop computer, tablet, or laptop for business use, it may very well be deductible. The same goes for software purchases or updates.
- Education and Business Travel: Did you attend a conference or class during the year? Did you have to travel for it, and/or stay at a hotel or arrange an alternative accommodation? Keep in mind that business travel, as well as training and educational expenses, may be deductible. Don’t forget to include car rentals, parking costs, shuttles, and taxis to your list of deductible expenses as well…
As a self-employed individual, you should take every opportunity to leverage your expenses and revenues to grow your business. Keep abreast of updates and changes in tax rules that can benefit your business in the long run.
Got other questions? Add them to the comments, or email me at corporate@thecorporatesister.com!
To Your Success,
The Corporate Sis.
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by Solange Lopes | Jan 25, 2017 | Make More Money
Question: Are there work expenses that I can deduct on my tax return?
As an employee, you incur expenses related to your job pretty much daily. From your morning joe to gas and mileage expenses, it costs to work! Even if you receive a salary, benefits and perks…But you may be surprised that some of these expenses may actually be deductible on your tax return this year.
But, there are two conditions here:
- In order to deduct work-related expenses, your total itemized deductions must be greater than the standard deduction. For reference, the 2017 standard deduction is $6,350 for single taxpayers and married couples filing separately , $12,700 for married couples filing jointly, and $9,350 for heads of household.
- You MUST also meet the “2% floor”. Which means the total of the expenses you deduct must exceed 2% of your Adjusted Gross Income (AGI), AND only the expenses over your AGI can be deducted.
Once both conditions are met, you can now get your records and receipts! Here are some of the work-related deductions you can actually enjoy this year:
Auto Expenses
You can deduct auto expenses related to traveling between one place of work to another (excluding your home office), attending business meetings, visiting clients, or driving to a temporary work location. However, this doesn’t include expenses associated with traveling to and from work – these are considered personal expenses (I know you’re rolling your left eye right about now…)
How about parking? Well, the cost of parking at your permanent workplace is NOT deductible. However, if you’re attending a meeting at an alternate location, associated expenses can be deducted. The same applies to tolls and gas expenses.
Do you use your car for business purposes? Then you may consider using the standard mileage rate OR actual car-related expenses for the year. There’s one caveat to this: if your car is leased, then whatever method you picked in the first year should be the one used for the remaining term of the lease.
Travel Expenses
Have you incurred any work-related travel expenses? These are also deductible, as long as they were incurred on work-related assignments lasting one year or less. Washing your own laundry while away? Feel free to deduct laundry-related expenses, as well as telephone, baggage, meals and tips as well..
Dues to Professional Societies
Are you part of one, or multiple, professional societies? Then you can deduct related expenses, with the exception of lobbying and political organizations.
Job Search Expenses
Did you travel out-of-town for an interview? Or had to stop by Staples to print out multiple copies of your resume? Expenses associated with looking for (and finding) a job are also deductible.
Work Clothes and Uniforms.
If your job requires you to wear a uniform not suitable for everyday use as a condition of your employment, then the associated cost is deductible. I’m thinking of you, nurses, waitresses, etc….
Union Dues
If you’re paying any union dues or union-related expenses, then those are deductible. EXCEPTION: the portion of these fees paying for sick, accident or death benefits.
Legal Fees
If you incurred any legal fees associated with keeping or doing your job, like lawsuits or legal counsel, these can also be part of your deductions.
Home Office Costs
If you’re working from home for the convenience of your employer (not your own), and your home office is your principal place of business, then associated expenses can be deducted.
Questions? Comments? Please share in the Comments section below.
To Your Success,
The Corporate Sis.
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by Solange Lopes | Dec 7, 2016 | Career, Find Your Purpose, Start Your Business
So it just hits you one day…After years in Big Corporate, doing the 9-to-5 thing, you’re finally ready to make the big JUMP into full-time entrepreneurship. Maybe up until now, you’ve been doing the side hustle thing here and there to lay the groundwork. But now, the anticipation is killing you, literally, and all you can think about is that fateful day when you can walk out the doors of Big Corporate, take a breath of fresh freedom air, and go on about your business, literally…
via GIPHY
If you’re smiling as you’re reading this, you may be one of the thousands of other corporate sisters planning to exit Cubicle World and strike out on your own….Except (screeching halt noise here), even if you decide to ditch plan B, you still need some form of a plan for your corporate exit. You know, something that lets you sleep at night and doesn’t have you hitting up your folks for yet another loan to make the mortgage this month…
I mean, if there’s anything that’s as scary and exciting as striking out on your own after years or decades of comfortable cubicle dwelling, it’s got to be related to fried ice cream rolled in sea salt caramel ice cream…You may need double layers of super-strong Dove anti-perspiring deodorant to make the move, but when it’s time, you know it’s time…
So if you’re just starting out on your Big Corporate Exit adventure, here are a few simple, straightforward steps you can start taking today to land on your entrepreneurial behind (and legs and elbows and side rolls) with as few bruises as possible:
You’ve got to know your “WHY” inside out!
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You won’t know whether going full-time to build your business will work (or be the flop of the decade). And no one can really blame you for that, that’s why it’s called a risk…But the very first thing you want to know as you’re lining your personal ducks in a row is WHY you’re even doing all this…
Is it desire for freedom? Is it because of this strong sense of Purpose that’s been egging you on for years now? Is it because you want to offer your kids a better shot at life and opportunities? Or a big giant combo of all the above, plus the all-consuming urge to share your vision and message with the world?
Whatever it is, you’ve got to be crystal clear about it! Sit with yourself every day, and write down your WHY, as long and cumbersome as the process may first appear to be. The point is to build this conviction so strongly within you that it becomes virtually unbreakable….And gives you the strength and motivation to go for it, all in!
Is Your Idea/Business/Desire Viable/Sustainable/Going to Help You Make Rent?
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As in, is the whole thing sustainable, i.e. does it have earning potential? In other words, can your business not only help you make rent, but actually turn a profit?
This is where you get out of Entrepreneurship Lalaland and actually look at reality right in the face. And start putting some numbers down on paper…
There are some important questions to ask yourself here:
- How will this make you money, i.e. what are you going to sell?
- Do you have a product/service and how much can you sell it for?
- Do you plan on creating products/services and how much revenue can they bring you?
- How much will you need to invest in your business periodically?
- What streams of income will you have?
- What will your strategy be?
- How will your organize your business?
- What does your market look like, i.e. who are your competitors, is there even demand for your products/services, etc?
- Etc….
All of these questions, and more, will help you put together a business plan, which is just another fancy term for your business GPS/roadmap for the next 3-5 years. The U.S. Small Business Administration has a great tool to guide you through creating your business plan.
What that will do for you is give you a clearer picture of where you’re dipping your pretty Louboutins in… Plus give you a serious reality check, so hold on to your open-toed Zanottis…
Got a Financial Plan?
via GIPHY
No one likes to be broke, ok? Which also means as you’re planning your heroic escape from Office Land, you need to secure yourself some coins in the meantime. You know, just in case your business doesn’t break the million-dollar finish line the first year…
But more seriously, a BIG part of your Big Corporate Exit plan is to avoid starvation and plain financial distress. So if you haven’t started just yet, it may be time to push on the Savings pedal, and make sure you have 9 months to a year worth of business expenses saved up. Ambitious? Yes, and so are you…
Remember that going from the security of a periodic paycheck to your own revenues and profits is not an exact science. You may have some great months, and some not so great months…You may have to re-invest in your business, or face unexpected expenses…So you want a cushion that lets you skip out on stress acne and all kinds of other premature aging signs….
Round Up Your Support System
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I don’t care how independent you are, you’re going to need some support. Let me repeat this again, more for myself than you: You’re going to need some support! Whether it’s emotional, spiritual, financial, or just someone to give you a hug and tell you you’re not actually making the biggest mistake of your life (which you’re not)…
Many entrepreneurs, especially women, forget this major part of building a business. It’s hard work, on top of everything you may already have on your plate. So rally your girlfriends, call your mama, hug your kids, whisper tender sweet words to your goldfish, rely on the support system you already have or start building it.
It doesn’t mean your bestie has to buy all your facial products, or subscribe to your daily podcast. But what it means is that when you’re hustling and doing your thing and going through Entrepreneur Jungle, you’re not all alone. And that counts…a lot….
Get Mentally Ready
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Mental toughness is par for the course. As much as you may have detested your informal meeting sessions on the daily at work, facing the pressure of being in business for yourself is a challenge.
So get your mental nerves/weapons/armor in place early on. Whether it’s developing a daily meditation practice, or getting a mentor, or even making exercise an integral part of your routine, start planning for ways to stay on top of the head game.
You’re in this to win, and winning starts in your mind. So get started…
Make Education a Priority
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Jumping in to your business means holding yourself accountable for what you know, and how you apply it in your organization. Which also means learning continuously, especially as you prepare to jump ship from Corporate.
Actually, there is no better time to learn about being an entrepreneur than while you’re still in Corporate. Use this time to learn more about management, leadership, as well as the tools you’ll need to strive on your own. If your business is related to your current job, now is the time to absorb as much training as possible. In any case, take every opportunity currently offered by your day job to educate yourself (within allowable and ethical limits, of course).
Put a Ring Date on It
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There’s no better motivator for action than a deadline! When you know you’ve got to get it done by a certain date, something just shifts in and around you to make it happen! The same applies to your Big Corporate exit plan!
After careful planning and preparation, or actually while you’re still planning and preparing, set a date for your glorious exit! Don’t just set it, but commit to it whole-heartedly. Once you do this, organize your deliverables, to-do’s and action steps around it.
Are you Ready to Start Your Big Corporate Exit Plan?
To Your Success,
The Corporate Sis.
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by Solange Lopes | Nov 23, 2016 | Make More Money
The holidays are known for being a time of big spending. Between hosting family and friends gatherings, buying gifts, and shopping for this, that and the other, it’s easy to blow your budget way more than you’d have initially expected.
Yes, it’s hard, and somewhat unrealistic, to avoid all the expenses that come with having loved ones and obligations of all kinds during the holidays. However, there are a few things you can do to save money while still enjoying this time of year:
Forget Budgeting, Make A Plan Instead.
To many, the word “budgeting” sounds just like “dieting”, and has the exact same effect. The minute you think of dieting, you start seeing bread and cheese everywhere. And the minute you start thinking about budgets and spreadsheets with dollar signs everywhere, you start seeing “Buy” signs everywhere…
So if budgeting is not for you, and leaves you going over your budget every single time, make a simple plan instead. I pick what I call the “magic number”, which is the maximum amount of money I can spend during the holidays. Then I take all my credit cards out of my wallet, and freeze them. Yes, as in putting them in the freezer and watching them be covered in ice! This way, any expense outside of the plan and over the “magic number” will force me to wait and think twice about it…
Start a holiday Fund.
It could be as simple as setting aside an extra $50 from every paycheck. To make this easier, call your Payroll department and ask to have a certain amount of money automatically set aside every pay period and deposited into a separate account. You’ll be surprised how much money you’ll be able to save in a short amount of time!
Time to Cut Back!
List all your regular expenses and look them over to see which ones you can cut back on. Can you eat out once a week instead of twice or three times a week? How about bringing your lunch to work instead of spending daily on food? Or making coffee at home, and saving on your morning Starbucks latte?
Pinpoint the expenses you can cut back on, and start saving. Any money you save can go to your holiday fund, so you can spend more where you need to.
Make a Priority List.
When it comes to gifting your loved ones, it can be tempting to spoil everyone around you! But it’s also the best way to go over your magical spending number. List everyone you’re planning to get a gift for, and rank them by order of priority.
Your spouse, children and close family members come first. For those who come lower (no offense) on your list, use creative ideas to come up with thoughtful, yet inexpensive gift ideas. How about writing a thank-you card to your office buddies instead of buying them all a gift? Or making homemade cookies wrapped in a holiday-themed plastic bag for the neighbors? Get your creative smarts working, or just log into Pinterest and borrow some great, inexpensive gift ideas!
Make It A Potluck!
Hosting a family gathering can be extremely expensive. From the decoration to the cost of food, the spending can easily get out of control. But instead of taking it all on your frail shoulders, why not share the wealth, and turn holiday events into fun potlucks instead?
Everyone could bring a dish and make it easier and less expensive for you to host. It’s also a great way to have your family members show off their culinary skills while being more engaged in the process as a whole.
There’s An App for That.
Don’t discount the power of technology and powerful apps to help you save a buck or two over the holidays! One of my favorite money-saving apps during the holidays (and really all year-round) is Mint, which is a comprehensive finance tool that lets you see the status of all your bank accounts and spending, while helping you create budgets and achieve saving goals.
Ebates is also a great app to save money with coupons and online deals, and get cash back for shopping too! The Ibotta app also functions on the same principle as well. Another one of my absolute faves is the Red Laser app, which lets you scan any product with your smartphone’s camera, while it checks thousands of retailers to find you the best price.
What other tips can you recommend to save money during the holidays?
Happy Holidays!
The Corporate Sis.
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