Procrastinators rarely seize the opportunity to leverage tax breaks to the max. In order to fully benefit from the range of deductions available, small business owners must invest a little time in preparation and planning well ahead of filing deadlines. Here are some of the deductions most frequently overlooked by business owners and entrepreneurs.
Accurate record-keeping to support all the tax deductions you take is critical. If you know that you have not logged all expenses, or have mislaid receipts, meet with your tax professional for advice and to discuss tools that will make it easier for you to do things differently in 2015. Mixing up your personal business records with the costs of doing business creates an accounting quagmire. In the event of an audit, the IRS wants to see separate banking and PayPal accounts, as well as credit cards used exclusively for business purposes. You will be required to prove it or lose it based on their record-keeping standards, not on a system of your own making.
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals.
Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice.
Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result.
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Readers are encouraged to contact their CPA regarding the topics in these articles.
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