The home office deduction allows you to write off some of your home costs when you do your taxes. Deductible expenses include the business portion of real estate taxes, mortgage interest, rent, casualty losses, utilities, insurance, depreciation, maintenance, and repairs. To figure out your home office deduction, you can use either the simplified or regular…
What is
Revenue vs Profit: Differences & When To Use Each
Revenue and profit are items in the income statement that are measures of return. Revenue is the gross amount of earnings from the sale of products and services, whereas profit is the net amount or what’s left after deducting expenses and other charges. Terms You Should Remember Gross or total revenues: This is the total…
Service Level Agreements: Definition, Levels & Importance to VoIP
A service level agreement (SLA) is a formal contract between a service provider and the customer outlining performance expectations, quality metrics, and consequences for violations. It is widely used in IT-related areas like the internet, business cloud communications, and managed services. Service level agreements manage customer expectations and define specific remedies if the provider fails…
What Is a VoIP Gateway? Definition & How to Use It
A voice-over-internet-protocol (VoIP) gateway is a bridging device that converts call traffic into data packets that can be transmitted over the internet. Public switched telephone network (PSTN) systems are analog and send voice signals along copper wiring, while VoIP systems are digital. Analog and digital gateways are excellent options for businesses switching to business VoIP…
What Are Core Values in Business & How to Write Them
Core values are principle-based statements about how your company does business. They guide everything from long-term strategy to daily operations. Together with mission and vision statements, core values are the bedrock that makes up your brand identity. Learn more about what core values are, why they matter, and how to write them. Download our free…
What Is a Payroll Advance? Everything Employers Should Know
Giving your workers a payroll advance simply means offering them early access to their paychecks (generally due to an unforeseen event) with agreed-upon conditions. It basically functions as a short-term loan that employees repay with future paycheck deductions. Before offering staff this option, you should carefully consider legal regulations, taxes, and alternatives. What to Consider…
What Is Form W-8BEN-E? A Small Business Guide
Form W-8BEN-E is an Internal Revenue Service (IRS) form used by foreign companies that get paid by US companies. For example, if you hire a contractor not based in the US and contracting through a foreign entity, the contracting company is required to submit the document to your business. The form, called the Certificate of…
What Is Personal and Advertising Injury Coverage?
Personal and advertising injury coverage protects your business against claims, typically involving an infringement on a third party’s rights or intellectual property. It can cover libel, slander, and copyright infringement. Coverage is included in a commercial general liability (CGL) policy and, in the event of a claim, provides defense up to your coverage limits. How…