| When being asked debt questions and advice Tax | | | | to think about on a daily basis, it is even more |
| Deductions are one of the few areas of the tax | | | | important that you have the most recent and accurate |
| system that EVERYONE really should like! Because | | | | information about small tax credit and deductions. This |
| they are all about saving you money, rather then | | | | is where a good accountant is indispensable. |
| costing you money. Hence, as a small business owner, | | | | Big Brother Is Watching You.... |
| it's wise to familiarize yourself with some key | | | | It is a fact that small business owners are three times |
| deductions that may reduce your tax bill for the tax | | | | more likely to be audited by the IRS than a non-owner. |
| year ahead. | | | | So it is very important to have accurate information, |
| Each business is a different though so be sure to | | | | and to make sure you qualify for the credits and |
| mention your expenses in detail to your tax advisor or | | | | deductions you are claiming. Whether you are looking |
| accountant to see if your business can qualify for | | | | to maximize deductions, reduce taxes, or increase |
| these deductions. As a home business owner who | | | | your returns, you should take the time to learn as |
| has been keeping track of every dollar spent, you can | | | | much as possible about the IRS per diem tax rules. (Or |
| make a killing on your tax deductions with some of the | | | | at least make sure your account is!) |
| thoughts I will outline here. And hopefully, you can | | | | Frequently overlooked tax deductions include the |
| maximise your tax deductions in the year ahead with | | | | amount of money spent on sales tax, tax preparation, |
| this information and see all that cash that would | | | | gambling losses, property taxes, and more. And |
| otherwise have gone to the taxman flow back into | | | | pursuant to relevant provisions of the tax code, you |
| your business. | | | | can take significant deductions if you donate money or |
| Small business tax deductions are usually implemented | | | | goods to a qualified charity. |
| on the expenses involved in the business and largely | | | | An individual wishing to take advantage of the federal |
| depend on the type of business and the expenses | | | | tax deductions may choose from standard deduction |
| that are involved. But where you can help out is by | | | | or itemized deductions. Claiming more tax deductions is |
| keeping accurate, dated records of your expenses, so | | | | the key to paying less taxes and getting a larger tax |
| that when you do have debt questions and chat with | | | | refund. Other tax deductions that you might want to |
| your accountant about possible tax deductions, he has | | | | look into (depending on your circumstances) are - |
| the full picture available to him. | | | | Home mortgage interest, real estate taxes, property |
| It is a fact that that most people just don't have the | | | | taxes earned, income credit, child tax credit, child care |
| time to search the long list of overlooked tax | | | | credit, energy tax credits, state and local income taxes, |
| deductions. But if you have been keeping good | | | | charitable contributions, home office deductions and |
| records throughout the year then you will find it much | | | | medical and dental expenses... Phew! Quite a list! But |
| easier to do your taxes and find the tax deductions | | | | the good news is that there are many more tax |
| that are right for you and your situation. And with the | | | | deductions and credits available, if you know how to |
| many items that most business (even individuals) have | | | | find and use them to your advantage. |