Give Your Taxes Your Attention 365 Days a Year
Numerous tax experts agree that addressing your tax liability effectively requires planning throughout the year. Those business owners who reap the most benefits consider their taxes year-round, rather than waiting to focus on tax payments just a few weeks before the filing date.
A typical small business qualifies for roughly a dozen tax deductions. For example, you may be able to claim deductions on the following:
- Cars operated for business purposes
- Business-related travel expenses
- Purchases of office supplies, furniture, equipment, and software programs
- Telephone expenses
- Contributions toward insurance policies, retirement plans, and pension funds
It’s surprising how many small businesses never take advantage of these deductions, mainly because they suffer from the “tax-planning-happens-but-once-a-year” syndrome. To fully benefit from these deductions, it’s important to maintain your expense records throughout the year. Click here to continue reading.
by Brent Ross, CPA of Ross, Hughes & Associates, CPAs, PLLC & SBRN Member