While you have still got several weeks before the end of the year — and therefore the end of the tax year — now is a good time to think about your tax deductions and make sure that you maximize your business expenses to benefit when you file your taxes Every expense you invest in your business can be an expense that helps you reduce your taxable income. That’s why it’s important to make sure that you max out your tax deductions before the end of 2015.
What is Tax Deductible?
If you’re new to filing small business taxes, you not might not be sure what expenses qualify as deductible ones on your tax return.
Essentially anything that you use to grow your business, including advertising, office equipment, software, and payroll, are considered business expenses that you need to list on your taxes come April.
Don’t overlook your home office if you work from home. The IRS allows deductions based on a calculation that takes the size of your home office into account, as well as your rent or mortgage.
In this post, you can learn about some other commonly overlooked tax deductions. Continue reading “Have you Maxed Out Your Tax Deductions?” »