The Internal Revenue Services’ annual federal income tax filing date is right around the corner. Which means this is a good time to remind small business owners—especially staffing agencies—of hiring expenses you should be constantly tracking in order to get the most out of your allowable deductions:
- Recruitment Advertising: This includes paid ad placement online, in newspapers, trade publications, on the radio, television or any other form of broadcast, as well as paid subscriptions to job boards.
- Career Fairs: Paid booth space and any associated costs with running the booth (electrical, internet, etc.), printing expenses for informational handouts, giveaways (chachkies), and even branded clothing costs. If you frequently attend job fairs and hiring events, you may even invest in an actual booth, versus setting up shop on a provided card table. The expense for the booth may also be tax deductible.
- Travel Expenses: Mileage driven in company cars or related expenses for employees to use the personal vehicles to get to career fairs or other hiring events. For out-of-state events or hiring-related educational seminars/conferences/training sessions, airfare, hotel expenses, meals and transportation costs may be deductible, as is the expense for the event itself, if required to pay a fee.
- Memberships/Dues: Expenses relating to members of your staff being belonging to networking opportunities—such as staffing-related local or national organizations or societies.
- Website Expenses: Any costs associated with building your website and maintaining it (URL registration, monthly hosting costs, etc.), as well as staffing agency software costs and/or fees.
In addition to being a deduction for your agency, staffing company software from Coats SQL can also help you track your hiring expenses throughout the year and integrate them across multiple departments without your company. Expenses can be easily accessed by your Accounting Department, as can employee payment information and accounts billable data. Everything your bookkeeping, accounting and/or tax professionals will need to file your taxes, send out W-2s and 1099s, and Profits and Losses Report is easily available. Plus, with customizable options, we’re poised to provide you with the best staffing agency software available.