Why You Should Keep Your Invoices and Receipts
Everything is Tax Deductible. When you are a business owner, if you spend anything for your business or yourself while you are conducting business, it is tax deductible. This is incredibly important because as long as you are keeping track of expenses, that means you aren’t overpaying for your business. The IRS and the government will assess every dollar you make and weigh that against what you owe in taxes. It’s not only important for ensuring you make your money back, but it’s integral to avoid overpaying taxes.
What Can I Deduct From My Taxes?
Everything. As long as it’s related to your business.
Vehicular expenses, salaries, wages, contract work, rental property, depreciation over time, supplies, utilities, taxes, repairs, insurance, commissions, advertising, travel, home office, legal and professional fees, meals and entertainment, rental equipment, interest on businesses debt, employee debt programs, mortgages.
Every single thing that you do as a business should be accounted for and presented to the IRS at the end of the year to track and determine how much money you have spent and how much you are owed.
How Should I Manage Deductions
Payroll Services – Having a payroll service is great for keeping track of all expenses. This will make it easier for you to reference and pay your taxes every month while staying ahead of the game managing your money. There are many options, such as Inquest from QuickBooks, as well as free options like Payroll4Free; the choice is yours.
No matter what your strategy, we always recommend seeking the advice of a tax professional.
At AmeriFactors, we are always looking out for small business owners. They are the workforce that runs America and makes this country great. If you are a small business owner and would like to receive more information on how to receive financing or financial help, give us a call today!