What you need to know about business moving expenses tax deduction

Here are explained the fundamental questions that you should know about tax deductions for business moving expenses if you have decided to relocate your business.

Are all business moving expenses tax deductible

However, like most other tax-related deductions, the business moving expenses you can deduct should directly relate to the business.

For example, you can deduct the costs of relocating your business to a new premise, including but not limited to the following:

• The cost of finding a replacement business premise
• Property appraisal
• Relocation-related fees
• And any other business-related moving expenses

The most important thing to note about deducting business moving expenses from your tax bill is that the expenses you deduct should be necessary and non-capitalizable under no other tax code section. You also cannot deduct personal moving expenses.

Additionally, to deduct business moving expenses, you must demonstrate proof of the incurred payment; thus, it is imperative to keep meticulous business records, especially for the direct costs involved in moving a business.

Let’s focus on what specific business moving expenses are tax-deductible and which ones are not from a business owner’s perspective–since taxation is a crucial cost of business that every business owner should know.

Tax-deductible business moving expenses

This may include the cost of moving office supplies and tools, such as work-related equipment, computers, office equipment, furniture, collections, inventory, and parts from one business location to the other.

For example, anything related:

• Any brokerage commissions you pay when finding the new location
• The cost of surveying the new space
• Business equipment loading and transportation
• Unpacking and settling into a new business premise

The cost of buying or renting a new location may also be deductible. However, remember that you will need excellent expense records for the over 17 tax deductions you can make as a business owner.

You can easily tax-deduct all business moving expenses if your business is a state-registered LLC or corporation, including location scouting, transportation, and loading and unloading costs against your business income.

What’s not tax-deductible as a business moving expense

Anything not directly related to moving a business is not tax-deductible.

That means you cannot make tax deductions for personal moving expenses unless you’re military personnel–because of the 2017 Tax Cuts and Jobs Act that suspends filling out form 3903 for everyone else. Additionally, you must meet certain criteria before deducting business moving expenses if you’re an entrepreneur, solopreneur, or a 1099 business owner–freelancer, contract worker, etc.).

For example, you must meet the time/distance test. This test dictates that to qualify for a deduction, the new business premise or place of business–perhaps your residence–must be at least 50 miles farther from your currently-stated business residence. For the “time test,” you should have worked for at least 39 weeks full-time during the first year, or 78 weeks for the first two years, according to the IRS, to qualify for personal moving expenses deductions.

If you do not move within one year from the date you began working, you may not deduct personal moving expenses.

How to claim business moving expenses tax deductions

Fundamentally, the most important thing you need to remember about deducting business moving expenses is that you can deduct any necessary expense involved in moving your business.

If you’re reading this article because you’re still in the “I’m planning to move my business” phase, consider using a moving expense calculator. A good moving expense calculator can give you a rough estimate of how much it would cost to move your business; a calculator can be especially convenient if you’re an entrepreneur who uses a residential property for business purposes.

Most importantly, remember that only necessary business moving expenses are tax deductible; you cannot claim tax deductions for personal moving expenses.

Conclusion

Relocating your business can be an expensive investment and entails so many logistical challenges. That is why it is necessary to have good knowledge of the whole process of tax deduction. So, once you’ve rounded up all your business moving expenses, work with your tax adviser to successfully claim them on your return.

How HR software can increase employee engagement

HR software has the potential to greatly enhance employee engagement within an organization. Here are some key ways in which HR software can increase employee engagement.

Streamlined employee onboarding and training

Streamlined employee onboarding and training is a crucial aspect of HR software. With its automation capabilities, HR software simplifies and streamlines the onboarding process, ensuring that new employees have a positive and organized experience from the moment they join the organization. The software allows HR departments to create structured onboarding workflows, providing new hires with essential information, documents, and tasks in a centralized and accessible platform. This eliminates the need for manual paperwork and reduces administrative burdens.

Furthermore, HR software enables the creation and tracking of personalized training plans for each employee. By identifying specific skill gaps and development needs, HR professionals can design customized training programs tailored to individual employees’ requirements. The software also facilitates the delivery of training materials, resources, and online courses, making it easier for employees to acquire the necessary skills and knowledge efficiently.

By streamlining employee onboarding and training through HR software, organizations can ensure that new employees feel welcomed, supported, and equipped with the tools they need to succeed in their roles. This efficient onboarding process sets the foundation for employee engagement, productivity, and long-term success within the organization.

Performance management and feedback

Performance management and feedback are critical components of employee engagement, and HR software plays a significant role in facilitating these processes. With HR software, managers can easily set goals and objectives for their team members, track their progress, and provide regular feedback throughout the performance cycle. This structured approach ensures that employees have a clear understanding of their responsibilities and expectations, promoting a sense of direction and purpose in their work.

Regular performance reviews facilitated by HR software allow for constructive conversations between managers and employees. These reviews provide an opportunity to discuss achievements, challenges, and areas for improvement. Through ongoing communication and feedback, employees receive guidance and support, helping them grow professionally and reach their full potential. This feedback loop enhances transparency, nurtures a culture of continuous improvement, and reinforces the connection between individual contributions and organizational goals.

HR software also offers features like 360-degree feedback and peer-to-peer recognition, enabling employees to receive feedback from various stakeholders and fostering a culture of collaboration and appreciation. Recognizing and acknowledging employees’ accomplishments and efforts contributes to their motivation, job satisfaction, and overall engagement.

By leveraging HR software for performance management and feedback, organizations can establish a structured framework that promotes employee growth, development, and accountability. Regular feedback and performance reviews not only enhance individual performance but also contribute to a positive work environment and stronger employee engagement.

Employee self-service

Employee self-service is a valuable feature offered by HR software that empowers employees and enhances their engagement. Through self-service portals, employees have convenient access to important information and can manage various aspects of their employment. They can update their details, review their benefits package, submit time-off requests, and access their performance records, all in a centralized and user-friendly platform.

By providing employees with self-service capabilities, HR software promotes transparency within the organization. Employees have visibility into their own data and can review and update their information as needed, ensuring accuracy and reducing administrative burdens for HR departments. This transparency fosters trust and open communication between employees and the organization.

Moreover, employee self-service portals promote autonomy and a sense of ownership over their own work life. Employees can take control of their personal information, benefits, and leave management, which enhances their overall experience and reduces dependency on HR personnel for routine administrative tasks. This autonomy instills a sense of empowerment and allows employees to focus on their core responsibilities and professional growth.

Additionally, employee self-service features in HR software contribute to improved efficiency and productivity. Employees can access the information they need quickly and conveniently, without having to rely on manual processes or wait for HR assistance. This streamlined access to information and services helps employees make informed decisions and take timely action, ultimately driving engagement and productivity.

By offering employees self-service capabilities through HR software, organizations foster a culture of transparency, autonomy, and ownership. This accessibility empowers employees, promotes engagement, and allows HR teams to focus on strategic initiatives that drive the organization forward.

Collaboration and communication tools

Collaboration and communication tools are integral components of HR software, enabling organizations to create a collaborative work environment and enhance employee engagement. These tools provide a digital platform for employees to connect, communicate, and collaborate effectively.

Instant messaging features within HR software allow employees to have real-time conversations, facilitating quick and efficient communication. Whether it’s a quick question or a project update, employees can easily reach out to their colleagues or teams, breaking down communication barriers and promoting seamless collaboration.

Team calendars integrated into HR software help employees stay organized and informed about upcoming events, deadlines, and meetings. By having a shared calendar accessible to all team members, employees can coordinate their schedules and plan collaboratively, fostering teamwork and reducing scheduling conflicts.

Document sharing capabilities within HR software enable employees to collaborate on projects, share files, and work on documents simultaneously. This eliminates the need for multiple versions of files and encourages collaboration across teams, departments, and even remote locations. Employees can access and contribute to shared documents, fostering knowledge-sharing, innovation, and a sense of collective ownership.

By providing these collaboration and communication tools, HR software promotes cross-functional collaboration, encourages knowledge-sharing, and strengthens the sense of belonging among employees. 

When employees can easily connect and work together, it cultivates a positive work culture, enhances teamwork, and ultimately boosts employee engagement. These tools facilitate effective communication, streamline workflows, and create a collaborative environment that empowers employees to contribute their best efforts and achieve shared goals.

Benefits of using HR software for employee engagement

Using HR software can bring numerous benefits to employee engagement within an organization. Here are some of them.

• Increased efficiency and productivity. By automating manual HR processes, HR software saves time and reduces administrative burdens. This allows HR teams to focus on strategic initiatives that improve employee engagement. Moreover, streamlined processes and improved communication lead to enhanced productivity across the organization.
• Enhanced employee experience. HR software creates a positive employee experience by centralizing information, simplifying workflows, and offering self-service capabilities. This user-friendly approach empowers employees, reduces frustration, and fosters a sense of satisfaction, ultimately driving engagement.
• Data-driven insights. HR software generates valuable data and analytics related to employee engagement, performance, and satisfaction. These insights enable organizations to identify trends, measure progress, and make informed decisions to optimize their engagement strategies continuously.

Roadmap to HR software implementation

Implementing HR software requires careful planning and execution to ensure a smooth transition and maximize its benefits. Here is a roadmap to guide you through the process.

• Assess organizational needs. The first step in implementing HR software for employee engagement is to assess the specific needs and challenges within your organization. Conduct a thorough analysis of your current HR processes, employee feedback, and engagement levels. Identify areas that require improvement, such as onboarding, performance management, communication, or data tracking. This assessment will help you determine the key features and functionalities needed in an HR software solution to address these needs effectively.
• Choose the right HR software. Once you have identified your organization’s requirements, conduct research to find an HR software solution that aligns with your goals. Look for a software provider that offers a comprehensive suite of features to support employee engagement, such as onboarding tools, performance management modules, employee self-service portals, communication and collaboration features, and robust reporting and analytics capabilities. Consider factors like user-friendly interfaces, scalability, integration options with existing systems, and the ability to customize the software to meet your specific needs.
• Plan and execute implementation. Develop a detailed implementation plan to ensure a smooth transition to the new HR software. Start by setting clear objectives and defining the scope of the implementation project. Assign responsibilities to a dedicated implementation team, which may consist of HR professionals, IT specialists, and key stakeholders. Establish a timeline and allocate resources accordingly.
• System setup and configuration. Work closely with the HR software provider or implementation team to set up the system according to your organization’s requirements. This includes configuring modules, workflows, permissions, and data structures. Integrate the software with existing HR systems, such as payroll or time-tracking systems, to ensure seamless data flow.
• Data migration. Migrate relevant employee data, such as personal information, employment history, and performance records, from the existing HR system to the new HR software. Ensure data accuracy and integrity throughout the migration process. Conduct thorough testing to verify the data’s correctness and completeness.
• User training. Provide comprehensive training to HR personnel, managers, and employees on how to effectively use the HR software. Offer both initial training sessions and ongoing support to address any questions or challenges that arise. Emphasize the benefits of the software and how it will enhance employee engagement.
• Change management. Implementing new HR software may require changes in processes and workflows. Communicate the benefits of the software to all stakeholders and ensure their buy-in. Address any concerns or resistance to change by providing clear explanations, addressing doubts, and involving employees in the decision-making process where appropriate.
• Monitor and adapt. Once the HR software is implemented, monitor its effectiveness in improving employee engagement. Collect feedback from employees and managers on their experience with the software. Analyze key metrics and analytics provided by the software to measure the impact on engagement levels, productivity, and other relevant factors.  Use this data to identify areas for improvement and make necessary adjustments to optimize the software’s effectiveness. 

Continuously engage with employees and managers to gather feedback and suggestions for further enhancements. Regularly review and update your HR software implementation plan to ensure it remains aligned with your organization’s evolving needs and goals. Stay informed about updates and new features released by the software provider and leverage them to further improve employee engagement.

By following these implementation steps and continuously refining your approach, you can maximize the benefits of HR software for employee engagement and create a more productive and engaged workforce.

Conclusion

HR software offers a range of features and benefits that can significantly improve employee engagement. By streamlining processes, facilitating communication, and empowering employees, HR software enhances efficiency, productivity, and the overall employee experience. 

When implementing HR software, organizations must carefully assess their needs, choose the right solution, plan the implementation process, and continually monitor and adapt. With the right approach, HR software becomes a powerful tool to create a thriving and engaged workforce, driving organizational success.

Why you should read business development books

Reading business development books can help business owners speed up their professional growth and achieve their business goals. These books offer a wealth of business knowledge, insights, and strategies shared by experienced industry leaders and experts.

Moreover, learning from other successful entrepreneurs about business development can help you save time and money by avoiding many business mistakes. Take the advice from Oliver Wendell Holmes, who once said “Learn from the mistakes of others – you can’t live long enough to make them all yourself!”

 10 must-read books about business development

After some in-depth research, we’ve made this list of books about business development to help you get started easily without getting stuck in “analysis paralysis”.

So, grab a cup of coffee, make yourself comfortable, and start learning from those who “walked the walk”.

The Lean Startup

The book “The Lean Startup” gives a unique revolutionizing approach to how companies are founded globally.

According to Eric Ries, a startup is a company dedicated to innovation in the face of significant uncertainty. This is true whether only one person works in a garage or has several seasoned employees in a Fortune 500 company’s boardroom. They are all on a mission to navigate the cloud of uncertainty and discover a successful path to an enduring business that binds them together.

The approach in “The Lean Startup” encourages companies to use both money and human creativity. The gist of the book gives knowledge to all business owners and entrepreneurs to iteratively test their ideas and make adjustments to their business plans before it’s too late.

Blue Ocean Strategy

It’s by far the best-selling book about what makes a successful business plan. Businesses have faced competition from the beginning of the industrial era and they have had a conflict about market share, uniqueness, and competitive advantage. 

In their book, W. Chan Kim and Renee Mauborgne make the case that strong rivalry simply creates competitors fighting for a shrinking profit margin. The authors argue that creating untapped markets, “blue oceans” with potential for growth based on a review of 150 strategic decisions made over more than 100 years in 30 different sectors, is the key to long-term success instead of fighting rivals.

The Blue Ocean Strategy outlines strategies and tools that any company has to use to identify and provides a thorough approach to eliminating rivalry. This business devolopment book lays out a risky new plan for ruling the future and challenging traditional strategic thinking.

Zero to One

Our era’s big secret is that there are still uncharted areas to explore and innovative innovations to build. The author Peter Thiel, a well-known investor, and entrepreneur explains in his book “Zero to One” how we might develop original plans to create new goods.

In the book, Thiel begins with the counterintuitive hypothesis that, despite our obsession with mobile devices, we are experiencing a period of technological stagnation. Although Silicon Valley and computers are by no means the only avenues of progress, information technology has advanced swiftly. But also advancement is achievable in any business area or industry. 

This book teaches us about the most important skill that every leader must master. That skill is the ability to think for oneself. When you perform a new action, you move from zero to one. 

Never Split the Difference: Negotiating as if your life depended on it

The author behind this book is a former FBI hostage taker who writes about always-effective methods of negotiating that may be used in any situation.

After working as a police officer in Kansas City, Missouri’s challenging communities, Chris Voss joined the FBI. During his career, he dealt with terrorists, gang bosses, and bank robbers while working as an abduction negotiator there. All these experiences inspired him to write the book “Never Split the Difference.” 

The book takes you inside Voss’s high-stakes bargaining environment and exposes the nine essential concepts that helped Voss and his colleagues prevail when it mattered the most.

Given that it’s based on the real-life experiences of an intelligence expert at the top in his field, the book’s lessons will give you the upper hand in any discussion.

Never Eat Alone

In the book “Never eat alone”, the author Keith Ferrazzi describes how having open communication with other people will help you to grow your network. Early in life, Ferrazzi understood that what sets exceptionally successful people different from everyone else is their capacity to harness the power of connections for the advantage of all partakers. 

In the book “Never Eat Alone,” Ferrazzi describes the exact procedures and inner attitude he uses to communicate with the thousands of coworkers, friends, and associates on his Rolodex. People he has helped and who have benefited him.

Ferrazzi’s way of communicating with the outside world is based on philanthropy and revolves around connecting friends with other friends. He distinguishes the genuine relationship-building approach associated with “networking.” Then he transforms his approach to interacting with people into a practical one.

How To Win Friends and Influence People

If you look for a book that will give you the necessary knowledge about how to speak with confidence and win in every conversation, then, the book “How To Win Friends And Influence People” is for you.

The employment status or career you currently have may be improved if you know how to communicate with others and have their support. With an excellent verbal skill set, you can take any situation to your advantage.

By reading this book you will learn how to improve your communication abilities in both your professional and personal life. It will show you how to influence people without offending them and will teach you how to persuade them through six different methods.

The principles of Dale Carnegie that are written in the book are still relevant today and will help you reach your maximum potential in the demanding and cutthroat modern world.

The Sumo Advantage

Another book on our list is “The Sumo Advantage” by Bernie Brenner. The founder of Rollick gave us this extraordinary book about business development where you can learn how to build and maintain business-related projects that will advance your company. 

Through the chapters of this book, you’ll learn how to plan and build the business development layer for your company to boost growth and sales initiatives. You’ll discover how to recognize potential partners and convince them to work with you in a win-win scenario. 

Additionally, you’ll begin to realize the prerequisites for a successful relationship and learn how to negotiate for them. And finally, you’ll learn how to utilize each strategic connection and spot the best company development prospects.

Give and Take

The book “Give and Take” emphasizes how effective networking, teamwork, influence, negotiation, and leadership skills are comparable.

The author Adam Grant uses his study to show the remarkable impact that different types have on achievement. While some donors are exploited and burned out, the majority experience remarkable success in many different fields. 

This book explains how one of America’s top networkers built his contacts and why the person who created one of the most well-known television programs ever struggled for years in secrecy. How a basketball executive who made several bad trades turned his club into a winner and how, without ever looking at Enron’s financial documents, could have predicted the collapse of the corporation four years in advance.

The gist of the book shows us a method for achievement that has the power to alter not only certain individuals or groups but also entire organizations and entire communities.

Hacking Growth: How today’s fastest-growing companies drive breakout success

According to Silicon Valley “Hacking Growth” gives one of the most well-known business tactics you can ever find. In the book, you can find unbelievable stories about the beginnings of the top IT companies that rule the world. 

LinkedIn was an exclusive network for C-suite executives, Uber was a scrappy startup that couldn’t compete with the Goliath that was New York City Yellow Cabs, and Facebook was the unfortunate stepbrother of MySpace. The best-kept secret among couch surfers and travelers is Airbnb. Only bakers and artisans used the niche website Pinterest, and so on.

The book walks readers through creating and putting into practice their own original growth hacking plan. It acts as an accessible and useful toolkit that groups and companies in a variety of industries may utilize to increase their consumer base and market share.

Built to Last

The list of the 10 books about business development finishes with “Built to Last.” This book doesn’t focus on visionary leaders with charisma and It has nothing with futuristic product ideas or futuristic market insights. But it goes beyond simply having a company vision. 

This book is about forward-thinking businesses, and the authors Jim Collins and Jerry Porras debunk myths and offer new perspectives, and helpful advice to individuals who want to create businesses that will withstand the test of time. They look at businesses as start-ups, medium businesses, and huge enterprises from the very beginning to the present.

Built to last offers a master plan for creating businesses that will thrive far into the twenty-first century and beyond. The book has hundreds of specific examples and is structured into a cogent framework of useful concepts that can be utilized by managers and entrepreneurs at all levels.

Conclusion

Understanding cryptocurrency

Cryptocurrency refers to a virtual or digital currency that uses cryptography for transaction security and verification. These transactions are then recorded in a blockchain, an online ledger, or a list of records that is incredibly difficult to change retroactively. Governments or other financial institutions do not issue cryptocurrencies; they are generated by complex mathematical equations and run on a global network of computers.

Since its introduction in 2009, Bitcoin has become the most popular cryptocurrency by far. It was the first cryptocurrency ever created and remains the best-known example of this type of digital currency. It was also the first cryptocurrency to implement Blockchain technology, a standard for many altcoins today.

However, there are several other well-known cryptocurrencies. The second-largest cryptocurrency by market cap, Ethereum, was introduced in 2015 and is used for “smart contracts” that facilitate peer-to-peer agreements between multiple parties without requiring an intermediary. Other cryptocurrencies include Litecoin (2011), Ripple (2012), Dogecoin (2013), and Zcash (2016).

What is Bitcoin, and how does it work?

Bitcoin allows users to trade and exchange money in an entirely new way. For the first time, people can instantly send money anywhere in the world without an intermediary. This revolutionary new technology has the potential to dramatically alter the way we use currency on a global scale.

Bitcoin is a peer-to-peer system that allows users to make payments directly from one user to another without using a third-party intermediary. All transactions must be recorded in a publicly accessible ledger called the blockchain to work correctly. The blockchain consists of blocks that contain all the information about previous transactions on the network. Each new transaction is added as a new block on top of the blockchain.

The number of transactions has increased dramatically over the past decade, For example, in 2022 BSV Blockchain set a record with 13.4 million transactions in 24 hours. However, so far in 2023,  they managed to achieve over 85 million transactions in a single day, bringing their total number of transactions to whooping 1.3 billion! 

How to get started using Bitcoin

To get started using Bitcoin, you’ll need a wallet. Think of this like your real-world wallet—the place where you store all your receipts, cash, and credit cards. Your Bitcoin wallet is where you keep track of all your transactions, as well as recent ones, and has built-in security measures to protect your data from hackers.

With your wallet set up and ready to go, you can start sending Bitcoin to other people or businesses that accept it as payment for goods or services. You’ll need either an online wallet (called a web wallet) or an offline one (called cold storage) to use Bitcoin. Web wallets are great for those who want to access their funds at any time from any computer with internet access; however, they’re more susceptible to hackers who may try to steal personal information. Cold storage is best suited for those who plan on holding onto their Bitcoins long-term—since it requires special software installed onto a computer not connected directly to the internet.

How Bitcoin differs from the other cryptocurrencies

Bitcoin was the first cryptocurrency to gain wide popularity, and since then, several other cryptocurrencies have entered the market. These other cryptocurrencies are collectively known as Altcoins, and we can use hundreds of them for various purposes.

Altcoins differ from Bitcoin in several ways. While Bitcoin relies on a peer-to-peer network to record transactions and guard against double-spending, some altcoins rely on proof-of-stake consensus mechanisms to maintain security. Other altcoins use wholly different consensus mechanisms, such as delegated proof-of-stake or proof-of-importance.

Why do people consider Bitcoin?

There are many advantages to using Bitcoin and cryptocurrencies as a form of payment. While they may still be relatively new, cryptocurrencies offer consumers and businesses alike a new way to transact without having to worry about the fees, exchange rates, and bureaucracies that come with using traditional currencies. Bitcoins are taxable, however, they aren’t subject to inflation or devaluation like conventional currencies are.

Although it has been gaining popularity since 2008, only recently has it risen to new levels of interest in both investors and consumers. As with any financial instrument or cryptocurrency, Bitcoin carries many benefits and drawbacks that you need to be aware of before participating in its economy. Whether you are simply looking for investing insights or considering investing in Bitcoin, finding out how to navigate the Bitcoin economy will help you save time, avoid mistakes, and hopefully make some money (or at least not lose it).

Bitcoin and other cryptocurrencies will change how we think about investing, business and money. The future success of alternative currencies like dogecoin depends on mass adoption. Although there are many pros and cons to cryptocurrencies, the advantages are hard to overlook when you take a step back. Currently, one of the most significant barriers to entry for this type of currency is its status as an emerging technology. It remains difficult for many people to understand or trust it. But if cryptocurrencies can overcome some of these flaws, many industry experts think we’ll see mainstream adoption in no time at all.