Best Business Tax Write-offs

Best Business Tax Write-offs

Best Business Tax Write-offs

As a small business owner you are already aware that there are legitimate things you can write off on your business tax return. And as a small business coach, I highly encourage you to do this using all legal means. Things like the use of the garage as a home office, the mileage and appreciation on the car if it is used in the business. These require time and impeccable records to get here are list of a few items that you can write off and they are relatively easy.1. Any professional services used to in the running of the business are a viable tax write-off. This includes accountants, lawyers, marketing services and even the cleaning service. These all are the easiest to document and therefore will be good as a tax write-off.2. Donations are also a very good tax write-off option. When you give old products to charities get a receipt for the items. If your business sponsors equipment for the little league, keep receipts for this activity. These should also be reflected in your credit card receipt that is if you make the donations using your card. This is highly recommended, of course.3. At tax time you can go through your accounts receivables and write-off amounts owed to you that are beyond collecting. If you have invoices that are more than a year old you can write those off. It may be a lot cheaper for you to do this than using a collection agency. When doing this remember you only get to deduct the actual cost in terms of value of the actual product or the wages paid.4. The fees and Interest on your business credit cards may be eligible for a tax credit. These include late fees and service charges. Any personal loan that you have taken out to help keep the business afloat can be included in this deduction.5. Ongoing education that has a direct impact on your business can be a deduction on your taxes. Remember that easy web hosting class you took last month. While it looks good on your credentials, it also it an expense you can write off (you can do this if you are employed too). If you are taking courses in accounting and paying for them on the business account, they qualify. This includes classes and books. It is important to deduct what you paid in taxes the previous year. A lot of businesses forget about this simple and easy deduction. It could save you a lot of money on this year's tax return.Having a good accounting set up will help you to file your taxes with less fuss and bother. Tracking your expenses should be an ongoing concern through out the year. If not you will find yourself scrambling for deductions at the last minute, so the objective is to always be prepared. And remember, ALWAYS consult a tax accountant (which I am not) and always stay legal with the IRS.

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