Happy New Year!

At the close of a roller coaster year, WING wishes you and yours a wonderful, prosperous and exciting new year.

Tax Tips for Busy Business Owners

Earlier this year, Bank of America posted this great article on their Small Business Community with a few tax related tips for small business owners.  Even though some of the items listed may seem like no-brainers, it's always nice to have a refresher.  Here's the basic rundown of the article:

1. Consult a CPA. Even if you are intent on doing everything yourself, it is better to seek outside help than make a mistake when preparing your taxes. An error on your tax returns can result in escalating fines and penalties from the IRS. Tax law is complicated, particularly when it comes to self-employment. To be certain you are in compliance with all relevant requirements, talk to a certified public accountant and review your situation. A CPA will be familiar with the federal, state and local tax laws that apply to you. Additionally, a CPA may be able to point out tax liabilities and deductions that you hadn't considered.

2. Keep good records. Good record keeping is more than simply a good business practice; it is a necessity when it comes to dealing with the IRS, which may demand to see every last detail of your income and expenses, particularly when you claim deductions on your tax return. If you are ever audited-and being self-employed makes that more likely-you will need to have every receipt and document to support your claims. Otherwise, fines and penalties will accrue. Get in the habit of saving everything, and develop a filing system that allows you to retrieve needed documents quickly.

3. Deduct the cost of medical insurance. Self-employed people can deduct up to 100% of medical insurance premiums paid for medical insurance for themselves, spouses, or dependents. Medical insurance costs are deducted directly from total income.

4. Deduct all business expenses. Every drop of toner you buy for your printers, reams of paper, shipping expenses, postage, software, pens and pads, and anything else you use for your business is an expense that can be deducted. Be sure to save every receipt to back up your claimed deduction. Also be sure that you can justify the claim that the items or services purchased were used directly for your business.

5. Increase expenses to lower taxable income. As the end of the year approaches, you can increase you deductions against this year's income by making business purchases now. Need another printer, or PC? Better desk or cushy new office chair? Buying it before the end of the year means whatever you spend can be deducted against this year's income taxes.

6. Contribute to your retirement. The options for self-employed people to save for retirement have never been better. If you haven't created a retirement plan for yourself, now is a good time. Payments made to a retirement plan-401(k), IRA, KEOGH, or SEP plan-are deductible against the current year's income. Note that most retirement plans have a contribution limit. Most local banks or financial institutions will be able to help create and maintain your preferred retirement vehicle.

7. Consider the home office deduction. Do you conduct business out of any part of your home? Many small business owners have at least one room devoted to some aspect of their business, whether it is keeping shipping materials in the garage, or maintaining a bedroom that has been converted into an office or filing storage space. With so many small businesses operating partially or completely out of people's homes, the IRS allows small business owners to deduct a portion of rent, mortgage payments, utilities and maintenance for qualifying home offices. The IRS has fairly stringent tests for such deductions, however, and it is advisable to consult a CPA about your particular situation to make certain it qualifies.

WING December Holiday Happy Hour

Amidst the hustle and bustle of the holiday season, we all know how important it is to take some time to celebrate the accomplishments we have each made this year.  WING will be hosting our first Holiday Happy Hour and we'd love to see you there!

Wednesday, December 16
6:30pm - 8:30pm
Apothecary Wine Bar
4800 Burnet Road, Suite 450

Apothecary has been generous enough to offer a selection of their fabulous wines at a discounted price during our get together.  We'll also have yummy cupcakes from Delish!

(There will be no program at this meeting.)

**PHILANTHROPY PROJECT**

'Tis the season for sharing and caring, so please help us support the Capital Area Foodbank in this time of growing need!  
-Bring 2 non-perishable food items to get in.
-Bring 5 non-perishable food items and you're entered to win one of our fabulous raffle prizes, provided by some of WING's talented members!

Prizes include:
-Birkman Career Assessment ($150 value) from Casey Rowe Consulting
-2 hours of graphic design time ($150 value) from Titsworth Creative
-Flower arrangement ($75 value) from Jennifer's Gardens

If you would like to attend, please email Bethany Childress at bethany@36thstreetevents.com with your name, contact information, and business name.  We look forward to seeing everyone!

Welcome to WING!

Thanks for taking the time to check out our fancy schmancy new blog! Now to tell you a little about who we are:

WING is the brainchild of a small group of young business-owning women, who discovered a real need for a support network for all the little things that come up when you are self employed.  The group hit the ground running in October 2009, and has already grown to include many local entrepreneurial women.  The group meets once a month in a relaxed environment (because we all have enough going on in our lives as is!) and each meeting features a guest speaker focusing on one area of interest - whether it be Finances and Taxes, or Marketing and SEO, or even just getting together to celebrate our accomplishments and give back to the community.  Come see what this amazingly vibrant group of young women have to offer!

To be invited to the next meeting, please email your name, company name (if you have one yet), and contact information to:  "WINGofAustin@gmail.com".  We look forward to meeting you!