Little Things Add Up: Responsible Money Moves During Your Vacation

This summer, it seems a little more feasible to step out of our homes and travel to a new destination. Whether you’re taking a flight across the country or hopping in the car for a four-hour road trip, you should want to have a general idea for how much money you can expect to spend from departure to arrival and back. Below are some tips on how to make sure you don’t overspend on a vacation, while also enjoying your trip.

Know Before You Go

Before you leave for your trip, obviously take a peek at your bank accounts and decipher how much money needs to be allotted from savings to checking. If you have a local bank, find out what the different rates are for ATM withdrawals. If you bank with a larger national bank like Chase, research for ATMs nearby where you’re staying.

Money Talks

In a world where people use credit cards and money exchange services like Venmo, sometimes old reliable cash still holds its weight. By having hard cash in the form of traveler’s checks, you have a visible fixed amount and once it’s spent, there’s no more money to spend on that given day. Sort the cash out per day and allot it per person as well if it is a family vacation.

If traveler’s checks don’t sound like your cup of tea, a responsible move to make sure you stick to the budget is to write down what you spend when you’ve spent it.

Research Your Destination

If you hadn’t done it prior to booking the vacation, be sure to research some of the popular tourist attractions and what the costs of them are. When researching the area or areas, make note of the difference in prices between the weekday and weekend rates, as they might be different for some attractions.

Also, with differences in weekday and weekend prices, certain times of the day might be cheaper than others. For example, a mini-golf course at 2 p.m. on a Tuesday might be significantly cheaper than 8 p.m. on a Saturday.

Track And Weigh

With online banking, it’s incredibly easy and user-friendly to log into your account and see how much you’ve spent and where you’ve spent it at.

Another thing to consider is weighing your opportunity cost while on vacation. There are always those small little unforeseen costs such as parking that can pop up at a moment’s notice. Planning ahead and weighing these costs can be an easy way to stay in line with your budget.

Organize And Attack

Making budgets and sticking to them can be a combination of overwhelming, anxious and nerve wracking. That’s why here at Donohoo Accounting Services, we have trusted associates that can help you with any and all financial needs.

From making a small budget to extensive accounting work, we have been helping clients resolve their tax and financial issues for more than 20 years. If you’re ready to get a handle on your finances but need some help, visit our website and schedule a free consultation today! For more tips and our latest updates, check us out on Facebook, Twitter or LinkedIn!

contact Donohoo Accounting

5 Best Employee Holiday Gifts 2019

Your employees work hard all year long to help you grow your business, and the holidays are a great time to show your appreciation. While you can never go wrong with a cash bonus, giving them a great gift with a personalized card can go a long way. Here are a few ideas for great gifts that will help them feel appreciated, and further their loyalty to your company.

USB Coffee Cup Warmer

Coffee. It’s the lifeblood of any office. But trips to the kitchen to dump out cold coffee and replace it with hot cause missed opportunities for productivity. For the coffee lovers in your office, order a Mr. Coffee Mug Warmer from Amazon. For just $9.99, this warmer will keep their coffee hot all day and plugs into their computer via a USB port.

Frames

Most employees have a family photo at their desk, so frames make for great employee gifts. Whether you go with a standard 5×7 in black, gold or silver, or high-tech with this $21.99 digital frame from Target, giving a frame is a simple way to show you value your employees’ personal life.

Business Card Holder

You’ve spent a lot on your business cards, so give your employees a gift they’ll love, and that will help keep those cards in great shape with a personalized card holder. This polished chrome card case from Executive Gift Shoppee comes engraved with their name ($25) and ships in one business day.

Gourmet Chocolate

Gone are the days of giving Honey Baked Hams or Omaha Steaks to everyone in your office. With the popularity of vegetarianism, the safer route today is chocolate. Even for those who try to eat healthy, an indulgence of fine chocolates for the holidays is a welcome treat. This Harry & David Chest of Chocolates features a chocolate decadence cake, signature chocolate truffles and more delicious chocolate goodies and arrives in a beautiful leather-like chest ($59.99).

Gift of Lunch

If your employees eat lunch while they work, give them a gift they will love – a gift card for lunch delivery. Available at Amazon.com, pick up a gift card for Door Dash, Grub Hub or Uber Eats, where your employees can choose from hundreds of restaurants that will deliver what they want, where they want.

Your employees are key to your business’s success, and so is quality accounting and tax support. The professionals at Donohoo Accounting Services have been helping small businesses like yours for more than 20 years. For a free consultation, call Donohoo Accounting today at 513-528-3982. Check us out on Facebook, Twitter or LinkedIn for our latest updates and tips!

contact Donohoo Accounting

Black Friday Deals and Steals

Black Friday is fast approaching, and this means huge sales at retailers everywhere.  Black Friday has been hyped as one of the best times of the year for buying anything from travel to electronics.  Don’t be surprised if not everything is a great deal, so we have prepared a what to buy on black Friday guide for you.

 

Black Friday is fast approaching, and this means huge sales at retailers everywhere.
Black Friday is fast approaching, and this means huge sales at retailers everywhere.

 

Buy: Electronic Products

Traditionally, major retail stores such as electronic stores, or stores that sell general merchandise but have an electronic department will discount Apple products and other major electronic names each year on Black Friday. These offers can include gifts with purchase, or free gift cards or a combination of both.

 

Traditionally, major retail stores such as electronic stores, or stores that sell general merchandise but have an electronic department will discount Apple products and other major electronic names each year on Black Friday.
Traditionally, major retail stores such as electronic stores, or stores that sell general merchandise but have an electronic department will discount Apple products and other major electronic names each year on Black Friday.

 

Skip: Barbie and G.I. Joe

Toys are one of the seasonal purchases you can’t avoid especially with kids and grandkids, but you might want to think twice before checking them off your list on Black Friday. Waiting until closer to the holidays is the best chance for better deals on the purchase of dolls, action figures and play sets. If you have a choice on the toys, then you can wait but you do run the risk of the hottest toys selling out.

Watch for sales as you get closer to the holidays.  Some retailer will offer 50% off some toys just to move them.

Buy: Gaming System Bundles

Gamers live for Black Friday specials maybe more than traditional shoppers.  Each year, sores offer big savings on video games and video game systems.   National retailers such as Best Buy, Walmart and GameStop run huge deals for gamers and is something to be watched. If you are looking for a new system this is the time to watch for great deals on gaming bundles.

Buy: Video games, CDs, DVDs

If you’re in need of some affordable stocking stuffers, look no further than the video game, CD, DVD and Blu-ray department at most major retailers this Black Friday.

 

If you’re in need of some affordable stocking stuffers, look no further than the video game, CD, DVD and Blu-ray department at most major retailers this Black Friday.
If you’re in need of some affordable stocking stuffers, look no further than the video game, CD, DVD and Blu-ray department at most major retailers this Black Friday.

 

Buy: Travel Deals

One advantage of Black Friday deals if you know you want to take a trip and are open to the location so amazing deals can be scored on airfare, tickets and packages. Don’t forget though these deals can also fall on Cyber Monday. Keep an eye out for this as they will be very limited.

Buy: Online Doorbusters

The ultimate combination of convenience and savings will come with the online doorbusters.  These items can make great last minute gifts.  Plenty of big box retailers will be bringing their doorbusters online this Thanksgiving, Black Friday and Cyber Monday.

That’s good news for shoppers. But you must take precautions when shopping on your phone or laptop, such as making sure you’re not on public Wi-Fi. Remember rot keep any receipts for items you are buying to donate.  Donohoo Accounting can help you get the most out of those receipts at tax time.  Contact us today at 513 528 3982!  Happy Black Friday Shopping!

Are Your Business Receipts Audit Ready?

Do you often ignore or say too quickly “No” when asked whether you want a receipt?  Not small-business owners. Knowledgeable business owners just know how to keep receipts. If they don’t, their tax return could be at risk. The question is: Are your business receipts audit ready?

  1. TAKE NOTICE

The first mindset to get into (especially if you’re trying to prepare your receipts for taxes) is creating a tiny note of the business purpose on the receipt. Whether or not you inscribe directly or put aside time at the top of the day, week, or once a large amount of buying has been completed (say at the end of a business trip for example), you’ll need the purchases to be recent enough in your mind that you will remember to label them properly.

Be sure that you create the note because this one thing which will permit you to classify the expense later. Merely writing “lunch” might not be enough to jog your memory if you’re audited a year or two later.

  1. CLASSIFY

Now that you’ve taken note of all these numbers, the next step is following and organizing it, so you can put the receipts into specific classifications. This will make tax time a breeze and permit you to refer back to any receipts without having to look through tons of files.

Here are some samples of common classifications for tax-deductible purchases:

  • Advertising: includes things such as business cards, mailing lists/mailing list software, brochures, outside marketing company, website design, development, and maintenance.

 

Advertising: includes things such as business cards, mailing lists/mailing list software, brochures, outside marketing company, website design, development, and maintenance
Advertising: includes things such as business cards, mailing lists/mailing list software, brochures, outside marketing company, website design, development, and maintenance.

 

  • Travel: there are certain criteria to meet for travel expenses to be deductible, but items that may be included are lodging, meals, airfare, baggage & shipping, rentals, taxis, dry cleaning and mileage, and parking expenses.

 

 there are certain criteria to meet for travel expenses to be deductible, but items that may be included are lodging, meals, airfare, baggage & shipping, rentals, taxis, dry cleaning and mileage, and parking expenses
there are certain criteria to meet for travel expenses to be deductible, but items that may be included are lodging, meals, airfare, baggage & shipping, rentals, taxis, dry cleaning and mileage, and parking expenses.

 

  • Entertainment and Meals: These items may be examined thoroughly by the IRS so be sure these items get listed correctly such as from a business trip.

 

  • Legal and Professional Fees: attorney’s fees, accountant’s fees, other professional consultants’ fees directly related to your business.

 

  • Indemnification: may include business liability insurance premiums, property insurance premiums, disability premiums, workers’ compensation premiums for employees.

 

  • Professional Dues and Licenses: may include franchise fees, professional license fees, business licenses.

 

  • In-Kind: Gifts given to business contacts are deductible but are limited to $25 per person, per year.

 

In-Kind: Gifts given to business contacts are deductible but are limited to $25 per person, per year.
In-Kind: Gifts given to business contacts are deductible but are limited to $25 per person, per year.

 

  1. BE THOROUGH

A crucial step is organizing your receipts and being thorough with your method. Attempt to keep expenses separated by paying with a “business only” designated credit card or bank account when possible and avoid paying in hard cash.

Over time you may find better and newer apps to help manage your receipts but remember to keep using the same classifying process.  By keeping your method, you will be consistent in your receipts collecting and keeping all the overall information easily acceptable to you and your accountant

Duane Donohoo being self-employed himself understands the challenges of owning a small business. He understands the burden the IRS can be to a small business or individual. It was this experience that relates to his self-employment clients and individual clients. Call today (513-528-3982) for a free consultation to find out how Donohoo Accounting Services, Inc. can serve you.