Tax Tips for Small Business Owners

Mike Miller TAX TIPS

Tax season is in full swing and most small business owners are reviewing their taxes, income and expenses right now. How is it going? Did you save all of your receipts and do you know about all of the tax deductions? No one expects business owners to also be tax experts, so rely on a professional tax adviser for help. They can give you tips on how to save money, take the right deductions for your business, and keep you compliant in the eyes of the IRS.

Here are a few tax tips from us…

  1. Use a mile tracker on your phone, like MileIQ, to keep count of your miles. You might be able to write off more with miles than with gas.
  2. Keep track of all of your receipts, so you can deduct as many business expenses as possible. Business expenses need to be categorized for the IRS. Here’s an app that may help…
  3. If you use your home office for business, you may be able to write off expenses related to that.
  4. If you have kids and use a babysitting service or after-school care that has a tax ID number, you may be able to write it off.
  5. Get your money’s worth for business equipment. Find out how from your accountant.

As always, feel free to contact us with any questions 602-265-5276