How To Lessen Your Business Taxes By Hundreds Of Dollars
Standard per month costs in your business are submitted to your Tax Professional to be put on your Schedule C. No issue, a lot of people understand this part right. It’s the thousands of dollars in various receipts that lots of people forget during the haze of tax season. These varied expenditures can save a small businesses owner hundreds if not thousands in tax liabilities. Examples:
1. Advertising Expense – The typical deductions are always there, Newspaper Ads, Business Cards, Outside Signs, Yellow Page Ad…Yet think about the one time cost for the Search Engine submission $450, or the renewal of your 3 websites at $8.95 per name, and the special ppc campaign of $720.00 Total $1196.85.
2. And think about the tiny gifts you bought for clients that had referred new clients to you? $25.00 each, 10 gifts. Total $300.00
3. Shipping fee, of course, remember all those 3 rush jobs when you shipped documents to the clients making use of Fed Ex? You don’t know where the receipts are, nonetheless, it was $17.50 each. $17.40 x 3 = 52.50.
4. Remember the time you rented a carpet washing machine to clean the office carpet? It was cheaper than calling a specialist carpet washing service or so that you thought! $55.00.
5. And don’t forget your spouse’s boss’ child was offering that Pre-Paid Legal Service which cost $19.95 per month. It shall be used 100% for Business. Ya, I guess! SO, $19.95 x 12 = $239.30.
6. Recall that time when the children at the bus stop broke the office window throwing the football back and forth. You were so angry that you unintentionally locked your keys at the office. $180.00 window replacement and also $85.00 for a Mobile Locksmith. $180 + 85.00 = $265.00.
7. Now, was there anything else besides paying your niece $25.00 per month to get the garbage across the office building? $25.00 x 12 = $300.00.
8. Yes, the Christmas party for the clients. $1500 for the caterer, $480 for the wine, $230 for the flowers as well as decorations and $350 for the Entertainment. Total $2780.00.
The total amount of legal tax deductions shown above is over $5,000.00. Can you afford to loose $5000 worth of deductions?
When you arrived at the Tax office, you forgot about all the above deductions, no problem, because you have a VERY GOOD Bookkeeper, and each month you fax your receipts, credit card statements as well as check book register to her.
Oh, that’s not how it happened?
As it turns out, several business owners do not keep up with ALL costs every month. As a result hundreds of dollars, and in most cases, thousands of dollars worth of legal tax deductions are loss. You may seek professional cpa tax services to help prepare your taxes and prevent accounting errors.
Maintaining a record, as well as faxing or maybe delivering your own receipts to the bookkeeper or deltek outsourced bookkeeping is a habit that could be developed. It is a habit that can reduce your own tax liability greatly. And if you encounter legal issues with your taxes, be sure to consult with a tax attorney.
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