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RACO Investment founder Randall Castillo Ortega explains business expenses during the holidays

Financial and business expert Randall Castillo Ortega of RACO Investment explains how business owners can maintain a responsible budget during the holidays.

San José, Costa Rica – WEBWIRE

The holidays are a time for family, friends, and of course, business expenses. Many businesses owner’s dread this time of year because they know their expenses will go up. Randall Castillo Ortega, the founder of RACO Investment, offers some tips on how to set a holiday budget for a business.

The holidays are a busy time for businesses, and expenses can quickly add up. Therefore, it’s important to know your expenses. This includes fixed costs like rent and utilities, as well as variable costs like inventory and advertising. Make a list of all the expenses you anticipate during the holiday season.

Set a realistic budget. Once you know your expenses, it’s time to set a budget. Be realistic about what you can afford to spend, and make sure to leave room for unexpected expenses. Subsequently, stick to your budget. It can be tempting to overspend during the holidays, but resist the urge; stay disciplined and stick to the budget you’ve set for yourself.

The holidays are a busy time for businesses, and it can be difficult to keep track of what expenses are tax-deductible. Fortunately, there are some tax-deductible during the holidays, depending on location.

If you have to travel for business during the holidays, you can deduct your travel expenses from your taxes. This includes airfare, hotels, car rentals, and meals.

Entertainment expenses: If you entertain clients or customers during the holidays, you can deduct 50% of the cost of the entertainment from your taxes. This includes things like tickets to shows or sporting events, dinner at a nice restaurant, and golf games.

Advertising expenses. Any money you spend on advertising during the holidays is tax-deductible. This includes print ads, online ads, television commercials, and radio ads.

Gifts for clients or customers. If you give gifts to clients or customers during the holidays, you can deduct up to $25 per person from your taxes. This is a great way to show your appreciation for their business and build goodwill for the future.

Charitable donations. Donating money or goods to charity is always tax-deductible and it’s a great way to show your support for worthy causes during the holiday season.

The holiday season is a time for giving, but when it comes to business expenses, you may be wondering if you should give holiday gifts to clients. Castillo explains, “There’s no right or wrong answer when it comes to giving holiday gifts to clients. It really depends on your budget and your relationship with the client. If you have a small budget, consider giving a heartfelt card or homemade gift. If you have a larger budget, you could give a gift basket or gift certificate to a local business.”

Ortega advises against giving cash as a gift, as it can be seen as tacky or impersonal. “Remember, the goal is to show your appreciation for your clients,” he says. “Whatever you give, make sure it’s something that will be meaningful and appreciated.”

To maintain a budget, get creative with your gift-giving. Instead of buying expensive gifts, get creative and make something yourself or find a meaningful gift that doesn’t cost a lot of money.

In addition, be mindful of your holiday decorating. You don’t need to go overboard with decorations to celebrate the holidays. Keep it simple and stylish to save some cash. It’s also possible to make your own holiday cards. Save money on holiday cards by making them yourself or sending e-cards to your loved ones.

Lastly, plan ahead for holiday meals. Avoid last-minute costly convenience foods by planning ahead and cooking some of your holiday meals in advance. Also, shop sales and take advantage of discounts. Be on the lookout for sales and discounts both online and in stores to help you save money on holiday shopping.

About RACO Investment

RACO Investment is a financial investment firm serving small- and medium-sized companies in Panama and Costa Rica. It was founded by Randall Castillo Ortega, an expert financial adviser who has his roots in the import and export industry in Latin America. The firm has helped numerous startups find the financial support they needed to get off the ground. It has also contributed bridge loans to assist those looking to restructure or improve their operations.

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