For small businesses, every dollar counts. This means that business owners need to make the most of tax season. The problem is, most small business owners dread this time of year. It usually means that there are receipts to gather, finances that need to be buttoned up, and more work that is required to ensure you aren’t leaving any money on the table. There are several tax deductions that can be beneficial to small businesses. Mark Dicus & Company is here to talk about deductions that all small businesses should be taking advantage of.
Deductions for Small Businesses
Here are some of the top deductions that small businesses should know about.
– Work Travel Expenses: For some businesses, travel is a part of the business. If this is the case, travel expenses could be something that you can deduct. This can include things like rental car expenses, hotel accommodations, airfare, meals and more. It is important that business owners have documentation to back it up though to take advantage of this deduction.
– Business Insurance: There are insurance policies that are required for business owners that give them coverage in the case that disaster strikes. If you have a home office, a portion of your home insurance can be deducted for the business as well. The same goes for renter’s insurance.
– Supplies: If you use a number of different office supplies, they can be a deduction at tax seasons as well. Office supplies may include paper, ink, computers, writing utensils and more. You must have proof through documentation that the items were purchased during the calendar year to qualify for this deduction.
– Phone & Internet: Another essential part of doing business is having access to a phone and internet. For many business owners, this means a cell phone plan for the company. Most people have moved away from land lines. Something that is absolutely essential no matter what business you are is the internet. Paying for the internet is another tax deduction that you don’t want to sleep on.
Claiming These Deductions
It can be difficult to keep track of all the documentation that is required for these deductions on your own. For small business owners, they are usually wearing several hats at once. When you leave the bookkeeping and tax preparation up to the experts at Mark Dicus & Company, we will make sure you are ready when tax season comes around.
Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
At Mark Dicus & Company, we work hard for our clients to ensure their business has the best chance at success. We keep bookkeeping up to date and accurate so that they have a clear financial picture at all times. That way, when tax season comes around, it isn’t nearly as difficult to get ready. We will take care of the accounting side of your business so that you can focus on other aspects of the business. Call us today!