Beyond the Basics: 6 Overlooked Business Tips That Save You Money
Small mistakes add up fast — but the right systems can save you real money.
As the saying goes, “you don’t know what you don’t know.” Right?
Utilizing these business tips can help you track your expenses effectively and save you money.
You could be making mistakes in your business simply because you don’t know what to look out for. And often, it’s not that you didn’t ask the right questions—you didn’t even know you should be asking.
Let’s change that. Here are six lesser-known business tips that can save you time, money, and headaches.
🎁 Gifts
Yes, the IRS allows you to deduct the cost of gifts for clients, customers, vendors, etc.—but there’s a catch.
You can only deduct up to $25 per person per year. So if you spend $50 on a client gift, only half is deductible.
Pro tip:
Set up two accounts in your chart of accounts:
Gifts – Deductible up to $25
Gifts – Non-deductible portion
Also, incidental costs like gift wrapping, mailing, or engraving don’t count toward the $25 cap if they don’t add substantial value.
🚗 Business Miles
If you're using the mileage deduction, make sure you're capturing all eligible trips.
Don’t overlook the importance of documenting all eligible business trips, as this can significantly increase your deductible mileage and ultimately save you money.
Business miles include more than just client visits or job sites. Don’t forget:
Trips to the bank
Post office runs
Office supply store visits
Track them consistently—those miles add up fast!
💸 Employee Bonuses
All employee compensation, including bonuses, must go through your payroll system.
Ensure all bonuses and other compensations go through payroll to meet compliance requirements and avoid potential tax issues down the line.
This ensures:
Proper tax withholding
Accurate W2 reporting
For example, giving a $1,000 bonus via cash or a non-payroll check means it won’t show up on the employee’s W2. That’s a compliance risk—and potentially tax evasion.
Bottom line: Run all bonuses through payroll. No exceptions.
📄 Collect W9s Early
If you hire independent contractors, you likely know about issuing 1099s. But did you know you should collect a W9 before their first payment?
Collecting W9 forms early can save you the hassle of last-minute rushes. It also ensures you have the necessary information for accurate 1099 reporting.
A W9 gathers the info you’ll need later—like legal name, address, and tax ID.
Why it matters:
Trying to chase down this info in January is a headache. Collect it upfront and save yourself the scramble.
📊 S-Corp & Reasonable Compensation
If you're an S Corporation (S Corp) owner, here's a compliance must-know: you're legally considered an employee of your business and must receive reasonable compensation via W-2 payroll.
As an S Corp owner, regularly review your compensation strategy to ensure you are meeting IRS standards for reasonable compensation, thereby avoiding any scrutiny.
This isn’t just a technicality—it’s a key part of your tax strategy and a major safeguard against IRS scrutiny.
Why it matters:
Failing to pay yourself a reasonable wage can trigger audits, penalties, and reclassification of income.
Want to make sure you're doing it right? [Check out the full breakdown here.]
⚠️ Credit Card Surcharge
Charging customers extra to pay with a credit card? It’s called a surcharge—and it’s not legal everywhere.
Researching your state's laws regarding credit card surcharges can help you stay compliant and avoid legal troubles that may arise from non-compliance.
Currently, 10 states prohibit this practice.
Before you add that fee, do your research. Make sure you're compliant with your state’s laws.
✅There’s a lot to keep track of when you’re running a business—and some of the most important details are the ones nobody tells you upfront.
Addressing compliance proactively not only safeguards your business but also fosters a culture of accountability and transparency within your organization.
Not to mention, implementing these business tips can help you save money.
Hopefully, these tips gave you a few “aha” moments and helped you feel more equipped to handle the behind-the-scenes stuff with confidence. You’ve got enough on your plate—so let’s make compliance and clarity a little easier to manage.
The article is for informational purposes only and should not be construed as business, accounting, tax, or legal advice. Details are subject to change without notice.
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