Business Software
Can MBA tuition be tax deducted for a small business software IT consulting company ?
Hello Everyone,
I recently opened a software consulting company and I believe that having an MBA degree will help to grow my software busines. Can I deduct my MBA tuition (approx $45k per year for top 5 schools) as a business (S-Corp) expense? If not, are there any alternative way to expense the MBA tuition. I have seen many conflictive posting on the internet regarding this question. Please share your insights.
Regards
Yes. On tax form 1120S it can be included on line 7 “Compensation to Officer” if You Are an officer in your company or line 18 “Employee Benifit Program” if you are an employee, not an officer.
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Training Staff On New Business Software
Many businesses each year bring in new software to help run their business more efficiently and effectively but there are always minor problems along the way. The most common is staff not wanting to see change and also worried they won’t be able to understand the new software put in place.
If you decide to implement new business software you should make sure all your staff understand why you are putting in place new software, the benefits of this and also any important points of what the Software Package does to help the business. The more you explain the more likely your staff are to understand and enjoy the new training.
There are two different ways in which you can train your staff on new Computer Software but there is the idea of not training your staff at all and letting them learn the new software themselves but this is just unproductive. Your staff could take weeks maybe even a good few months to learn a new piece of software on their own wasting their time and yours as well as money. If You Want to run an efficient business then you will need to always train your staff with new software as well as up to date training when necessary. The more your staff know the more productive they will be in their work.
The two ways in which you can train your staff are as follows:
On-Site Training – this offers you the ability to train multiple staff in a suitable training environment with all the resources needed also at hand. Training lots of people at the same time can work out well sometimes but other times there are a variety of people, some who can pick things up quickly but others who take longer to understand and therefore may struggle getting the hand of the software from this kind of training. Sending a large group of staff to be trained can be costly but also not possible as not everyone can leave the place of work as work needs to be carried out still.
Bespoke Training – this kind of training offers a bespoke service in the way of understanding that different people learn at different speeds and in different ways. The same is for every business has different training requirements for their staff and themselves and this needs to be taken into consideration. If you have a large group of staff who have the same ability and require the same training on a certain area of the business software then this can be arranged. Bespoke training is a good way of getting exactly what training you and your staff require as an individual business. Whatever the training may be from accounting packages to call centre software to customer relationship management software, training can be given. Bespoke training offers you a tailor made solution for your business training needs.
So if you’ve having a new software package implemented in your business or workplace from outsourced, in-house or purchased from a shop you need to train your staff on the new software. Not only will this make the switch over more productive but it will also help your staff welcome the new software if they fully understand the software package and how it will not only help them in doing their work but also how it will help the business become more productive and more competitive within their market.
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