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Tax Deduction Season - Don’t Miss Available Small Business Deductions

Tax Deduction Season - Don’t Miss Available Small Business Deductions



Small business owners recognize that take home cash is critical for long-term success. And one of the surest ways to take home as much cash as possible is to maximize tax deductions at IRS filing time.

Deductions abound, but the options vary depending on the type of business. For example, a home-based operation qualifies for certain deductions that are not available for an individual overall.

Everyone is aware of the basic deductibles such as office supplies and legal fees. However, many are unaware that educational expenses, business entertainment and even certain travel costs are deductible as well.

In addition, when an at-home operation is involved, you can deduct that portion of your home related to the business operations by calculating a square foot percentage devoted to the business space then appropriating proportioned costs for everything from heat and lights to taxes.

If you have not documented expenses for this past year, then you should begin to position things now so that you will be able to keep more of your money next year. I suggest a book or folder that you can log into every day.

Source: spotabusiness.wordpress.com

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