Small business owners have to work harder and smarter in order to retain as much of their profit as possible, when it comes to taxes. In order to minimize the bill from Uncle Sam, an owner must find as many tax deductions as possible. Since there are a handful of deductions that are commonly overlooked, it is critical to work directly with a great CPA who will leave no stone unturned.
To minimize your upcoming tax bill, take note of these tax deductions often missed by small businesses:
- Business travel expenses, such as traveling to meet with clients
- Association dues for organizations related to your business
- Books and magazines bought for your business
- Seminars to keep your knowledge up-to-date
- Tradeshow expenses
- Expenses from outsourced tasks, big and small
- All business supplies, anything from packaging and postage for shipping to kleenex
Be certain to meet with your tax advisor well in advance of the tax deadline to ensure you’re not missing any deductions. And keep in mind your CPA will be better able to help you minimize your tax bill if your financial reports are well organized. Avoid taking shortcuts when you prepare your financial statements for your CPA as they can cost you dearly.
Better Reporting = Lower Taxes
At Driven Insights, we prepare reporting not only to help your CPA with your taxes but also to help you better manage your firm. We show business owners how to find and use the hidden intelligence in their financials to accelerate growth and increase profits. Ask us how our outsourced accounting services will help you make the upcoming year more successful than ever.
