How to find a small business accountant in Exeter. You may be looking for tax services at accounting firm or other accounting service in Exeter. This video was embeded at Bookkeeping Services of Charlotte, NC
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Small Business Tax Deductions – Top 5
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With tax season
just around the corner it is never too early to start thinking about available tax deductions. Small business tax deductions are important to Ensuring that you are getting all the return that is possible. Some tax deductions for small businesses are:
* Office furniture* Office equipment and supplies* Software and other subscriptions* Insurance premiums* Retirement contributions
In addition to these deductions there are a few other deductions that should be kept in mind while filing. Simply keeping good records throughout the year will help with these items and wants to make calculations at tax time less stressful.
Social Security
If you are self-employed or a small business you have to pay double the social security as you pay as both the employer and the employee. The good news is that you can claim back on your 1040th helped
Home Office
If you have a room in your house that is used exclusively for your small business it may be used as a deduction. The room can not be used for any other purposes to qualify. You can claim a percentage of rent or mortgage and utility bills based on the square footage of your office area in relationship to the square footage of the house.
Mileage
Keep a journal in your vehicle of all small business related travel and expenses. At the end of the year this can be claimed one of two ways. It can either be deducted as a straight calculation of mileage times the allocated rate plus other expenses or it can be completed as a percentage of the total mileage on the vehicle plus expenses.
Travel and Gifts
hotel stays, travel on airlines or other forms of transportation and all gifts are deductible. Saving receipts is critical to be able to calculate this at tax time.
Children working for you
If you are the sole proprietor of your small business and you employ your own child under 17 that child can make up to, 850 and avoid paying any taxes. You will not have to pay Social Security tax and the salary you can write off as a business expense. This same policy applies if you and your spouse are together in partnership and there are no other partners. It does not apply if you are a corporation.
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Discover The 3 Tips To Implement In Small Business Tax Deductions
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If you’re running a small business, probabilities of you wearing multiple hats, juggling all parts of labor in your business are more. Everything appears to be urgent and wants your intervention. But, the foremost necessary issue in your small business is tax deductions because this could confirm survival or failure of your business.
Primarily few months of every year, you and thousands like you’re therefore stressed that it’s exhausting to file your business tax. Therefore, here are 3 simple yet powerful tips you’ll implement in your business.
1. Keep Systematic
When keeping track of all your accounts, keep consistent in the means you enter records every month. If you have always included a particular expense during a bound class, continue to try to do that. Do not produce a replacement category for it or else it will complicate your record keeping — the aspect of running a home-based business that most folks dislike the most. If you have ever set to hire somebody to handle your record keeping, then it’s to be maintained systematically therefore that he or she can make sure of your accounts without any hassles.
2. Write Everything Down
If you want to get the small business tax deductions you deserve, you will have to keep a record of each expense you make. Each receipt should be filed systematically or recorded during a tax-deduction record keeping software program. Be certain to backup your necessary documents frequently.
3. Recognize what’s deductible.
You’ll be able to solely keep the “right” tax-deduction records if you know what expenses are deductible! Therefore learn what special tax deductions are available to home-based business owners, and what records the IRS requires. The IRS “rules” are not difficult to accommodate, once you know what they are.
“Inadequate or incomplete records” is the #1 reason for lost deductions in IRS audits of home-business owners. However you’ll eliminate that problem by learning what records the IRS expects.
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