Aug 24 2018
Off

NOW Is the Best Time for Business Tax Planning to Save On Taxes

By qSdCcPjb

Alleviate anxiety and panic later on in the year and help your business’ bottom line by prepping for tax season early. The best way to save money on your taxes is to get started on them well ahead of time. Plan Your Approach Timely tax planning is the secret to success come April 15th. When it comes time to file your taxes, the first thing you need to do is get your records in order. This can be a herculean task if you haven’t organized paperwork since the last time you filed your taxes! The best thing to do is to establish a system that you can adhere to with a modest amount of effort the whole year through. It’s also important to know in advance some of the deductions you’ll be planning on taking. One of the most illuminating examples is that of business-related expenses for your vehicle. If your personal vehicle doubles as your work vehicle, you can deduct business-related travel expenses. There are two ways you can file for this deduction. Each year, the IRS puts out standard mileage rates—what it considers to be the cost of operating an automobile for business. In 2018, that rate is 54.5 cents for every mile of business travel driven. However, you have the option of calculating the actual cost of using your vehicle. Keeping careful track year-round will allow you to choose the method that results in the larger write-off. Keep Careful Records Income, expenses, receipts—it all has to be…

Oct 24 2017
Off

5​ ​Tax​ ​Strategies​ ​to​ ​Save​ ​Your​ ​Small​ ​Business​ ​Money

By qSdCcPjb

If you’re a small business owner it’s important to understand tax deductions. Read on to learn more about the ways in which you can get your ducks in a row before tax time rolls around, and to keep more money in your pocket. 1) Work from home? Deduct household expenses. Whether you work from home full-time or part-time, you can deduct a portion of your everyday living expenses on your taxes. The key here is to have a dedicated section of your home that functions as an office. Unfortunately, if you work at the kitchen table or have a small desk in the guest room, you won’t be able to count either of these as a “home office.” But a spare room dedicated solely to your business will do the trick. From there, you may be able to deduct a percentage of your mortgage interest, insurance, utility bills, and even home repairs. 2) You can deduct auto expenses too. If you use your car in your line of work, whether directly or to drive to meetings, then car expenses can also make their way to your tax deductions. There are two ways to do this. Deducting actual car expenses, such as gas, repairs, and insurance, will require you to calculate what percentage of your vehicle usage was for your business, and work out the deduction amounts from there. It may be simpler to use the standard mileage rate, where you multiply the number of miles you’ve driven for business by…