There are hundreds of tax deductions a business can take advantage of, but not all businesses can take advantage of each of them. It's impossible for a business owner to know about all the available deductions and the documentation requirements, and that is why you need to meet with your accountant more than once per year to ensure you and your business are properly accounting for your expenses and paying the correct amount of taxes.
The most common tax deductions (listed below) are generally easy to keep track off when you have a simple business. The home office deduction for instance can be an effective way to reduce your taxable income, but it can get complicated quick when you account for the applicable portion of utilities and mortgage interest. Choosing to take the IRS allowed Simplified Method may be easy at tax time, but it can also be a sure-bet way to leave money on the table.
Advertising
Business Meals
Business Insurance
Depreciation
Home Office/Use for Business
Business Use of Vehicle
Travel
In order to truly maximize your deductions, you need accurate bookkeeping. It is never too late in the year to begin working with an accountant. Get in touch today to ensure you pay only your share of taxes.
Alex@PatapscoCorp.Com or (240) - 910 - 0364
