| 19 minutes is all it takes me per week to have a | | | | to a lot of small businesses as well, especially if you |
| worry-free tax season for my small businesses. I | | | | keep a home office as well as a regular office. The |
| timed it, literally. You see, I've been studying up on | | | | best way to figure out how IRS laws apply to your |
| how to maximize my small business tax deductions, | | | | business to get help from "Cliff Notes" tax |
| and I've discovered what it takes to keep the IRS | | | | interpreters like Ron. I've also gotten great |
| happy: | | | | information from other tax books for some of my |
| 1. Know the rules as they apply to your business and | | | | businesses that are very specific, like my horse |
| follow them | | | | business. |
| 2. Keep orderly small business tax documents | | | | Small Business Tax Documents - Maintaining Order |
| 3. Have a great accountant | | | | If "location, location, location" is the key to success in |
| Now that might sound like a lot of work, especially | | | | real estate, then "document, document, document" is |
| the part about knowing the rules and documenting | | | | the key to success in reducing your tax burden and |
| everything, but it doesn't take long, really. | | | | defending your position, should the IRS ever inquire. |
| | | | While documentation sounds like a lot of work, it's |
| Discovering Small Business Tax Deduction Rules | | | | really not if you get into a routine. As I said earlier, it |
| So everyone knows that the IRS has rules, lots of | | | | takes me on average about 19 minutes per week |
| them, and that if you don't follow them you will get | | | | maintain my small business tax documents. |
| in dutch. What most people don't know, though, is | | | | For anything you want to claim as a business |
| how to interpret those rules so they apply to you | | | | expense or tax deduction, you basically have to |
| and your small business. And being that the tax code | | | | document the who, what, when, where, and why. If |
| is some 18,000 pages long, it's going to be pretty | | | | you keep a strong business calendar or activities |
| hard to figure out which small business tax | | | | diary, most of the documentation can go in there. |
| deductions apply to your organization, and how, just | | | | The rest can go into Quickbooks or some other |
| by reading the tax code. | | | | similar bookkeeping software. If you do your |
| That won't do at all, which is why you need an | | | | documentation during the day or at the end of each |
| interpreter. I like Ron Mueller's tax tips and books | | | | work day, it literally won't take you more than 19 |
| because they are easy for me to understand (check | | | | minutes. I have three small businesses, and it only |
| them out at his HomeBusinessTaxSavings website). | | | | takes me that long. |
| The website is for home businesses but they apply | | | | |