Tax Deductions For Small Businesses

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Tax Deductions For Small Businesses
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• If youre the owner of a small business, trying
  to get prepped for your taxes can be a baffling
  time and while its often advisable to hire the
  services of tax professionals to help you sort
  them out, its also a good idea to have at least
  a basic knowledge of your own. Knowing how to
  save money through tax deductions can be
  extremely helpful, and below are a few pointers
  to set you going in the right direction
• Claiming deductions for your home office
• If you can prove that your tax deductions are
  legitimate, then there is no reason why you
  shouldnt claim them, even if they are linked to
  your office which happens

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• to be in your home. Its all just a case of
  organizing your records properly, and being able
  to prove that your expenses are for your
  business.
• Ensuring that your office space is clearly that,
  as opposed to a desk shoved into the corner of
  your bedroom, or a tiny area in what is otherwise
  the kids playroom, will help greatly.
• Dedicating a PC or laptop to your business is
  essential, as if the kids are using it to Google
  the answers for their homework, then it will be
  clear that its being used for more than just
  your business.

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• You will also be able to deduct a certain
  percentage of home expenses for your business,
  and this can be calculated by measuring your work
  area/office and dividing it by the square footage
  of your home. What you are left with is the
  percentage of rent, mortgage, taxes, maintenance
  and utilities that you can claim.
• Claiming deductions for technology
• If you purchase new technology for your business
  (a computer, printer, or business related
  software), then this will be tax deductible up to
  a certain amount. The full cost can be deducted
  on the year of purchase, or over several years.
  The amount that you can deduct will often change
  though, so its wise to make yourself

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• aware of the current limitations under section
  179 before making your claim.
• A company car may also be tax deductible, but it
  must be a vehicle that is used strictly for
  business purposes.
• Business related magazine and website
  subscriptions are fully deductible, too.
• Claiming deductions for travel expenses
• Many travel related expenses are completely tax
  deductible, but if you travel with your family
  alongside you, then you must ensure that you only
  claim for yourself and only for business related
  expenses.

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• Meals
• Meals with clients are 50 deductible, but its a
  good idea to make a note on the receipt as to the
  purpose of the meal, just in case you are asked
  to provide evidence to the IRS.
• Conference fees
• If you attend a conference that is directly
  related to your business or industry, and which
  was of genuine use to you in business terms, then
  any fees incurred would probably be deductible.

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• Perhaps the most important thing to remember when
  thinking about tax deductions for your small
  business, is to keep detailed records of all
  purchases, and hold on to every single receipt
  while it may seem like a lot of effort to begin
  with, it will prove its worth when youre trying
  to file your tax return, and especially if your
  business is subjected to an audit.
• If in doubt, simply call in the services of a tax
  professional, who will have a much clearer
  picture of what is and isnt deductible, plus up
  to date knowledge of all the relevant tax laws
  and regulations for your state.

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• At Heyer Associates we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax service in coral
  gables. Also, if you are looking for bookkeeping
  in coral gables fl, Heyer Associates would be a
  right option.