Small Business Tax Deductions & Preparation Tips

• ADVERTISING AND PROMOTION COSTS — Yes, you just might be able to deduct reasonable advertising expenses that are directly tied to your business activities. This can include business cards, Yellow Pages, newspaper, magazine, TV or radio advertising.
  
  
• BUSINESS USE OF YOUR HOME — If you use part of your home for business, you may be able to deduct some expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs and depreciation.
  
  
• INSURANCE PREMIUMS — Generally speaking, you are entitled to deduct the ordinary and necessary cost of insurance as a business expense as long as it is for your trade, business or profession.
  
  
• TOOLS — The amount spent for tools used for business purposes may be considered a deductible expense as long as the tools have a life expectancy of less than one year or their cost was minor.
  
  
• BUSINESS TRIPS — If the IRS views your trip as “ordinary and necessary” to the course of doing business, then that might be deductible as well.
  
  
• OFFICE SUPPLIES — In some cases, you might be able to deduct the business supplies you purchase.
  
  
• MILEAGE — When you drive as much as you do, it’s a good idea to track your mileage. That could be deductible as well. However, since you will probably need documentation, keep a notebook in your work vehicle to record mileage, tolls, parking costs, etc.

We hope this helps to make tax time a better time for you and your business. But as always, it’s important to consult with a tax professional to confirm applicable deductions and tax benefits.

It’s easy to see why some small-business owners might consider bookkeeping and taxes to be the worst part of owning a business. Frankly, it can be a nightmare for even the most responsible and organized person. But take heart: There are ways to make tax season a little less stressful and potentially far more rewarding.

1) Don’t wait until the last minute to tally your expenses or review your financial records or receipts.
Instead, try to keep close track of all business expenses throughout the year and enter them into your accounting system in a timely fashion. This includes recording expenses like meals, entertainment or gas mileage and keeping any receipts. If it helps, keep a daily diary so you know exact information about the expense and why it was business related.

2) After keeping track of all your expenses and receipts, take the time to gather all the financial documents you’ll need to complete your return.
Here is a list of some of the most common documents that small-business owners should track down before filing:
        •    Bank and credit card statements
        •    Payroll documents
        •    Last year’s business tax return
        •    Partnership agreements
        •    Accounting documents
By making sure all this information is on-hand before beginning, business owners can make the tax preparation process less time-consuming.

3) Even if you’re not using tax software to help with filing, it’s good to know what’s out there. After all, you probably didn’t start your business because you love accounting. So, if your budget allows, it could benefit you to take advantage of tax software that helps you prepare and file your returns – and usually for less than you might pay a CPA.

Whichever type of tax software you choose, it should help make filing a much easier and more intuitive process. Not to mention, much more affordable, too.

4) Ensure your business complies with all tax filings. Finally, it’s a good idea to double-check that your business complies with all tax filings. Companies need to make sure they’re compliant with all tax filings, specifically payroll tax filings. Make sure all Forms 940 and 941s have been filed and W-2 statements issued. Forms 1099 and 1096 should also be completed and sent to the IRS for any independent contractors who were paid $600 or more during the year.

We hope these tips will make tax time a better time for us all.

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