Nobody said the road to owning your own business would be easy, but today’s entrepreneurs do enjoy some perks that previous generations did not. And when it comes to tax season, this is especially true. Intuitive software and countless online tools have been created with the sole purpose of making filing your taxes a less painstaking experience – and for the most part, they’ve been successful. So how can you use them to save yourself time and a throbbing headache?
No matter what the status of the economy, it’s always a good idea to get the most out of your business and not let any of that hard-earned cash slip through your fingers.When you file this year, don’t miss out on these 4 tax reductions for your biz:
This doesn’t just come down to office supplies like gadgets, furniture, business meeting meals and more – it also applies to tools you use to promote your business. Are you using handy web apps like Site Booster or SearchBoost with your Wix website? These little (amazingly helpful) apps that bring more people to your site may not cost much, but remembering to add them to your list of expenses can make quite a difference in your return.
And speaking of expenses… don’t make the mistake of thinking some charges are too small to matter. Overlooking these sometimes tiny expenses can end up being a major oversight. Be sure to factor in all the little things you use to run your business (and of course – only your business). Here are some that tend to be forgotten:
If you have employees, chances are you need to reimburse them for out of pocket purchases and expenses they will incur from time to time. Whether big or small, these should certainly be added to your deduction list. Gas, meals, tips, hotel accommodations – the list is goes on and on. But the point remains that these expenses are totally deductible, and you deserve to get some money back for them. In order to do so, however, you’ll need to have an “accountable plan” that shows that the reimbursed expenses were in fact business-related. In order to keep things nice and legal, employees will need to confirm these expenses within 60 days and refund any and all excess advances within 120 days. And of course – it probably goes without saying that it’s super important to keep backup documentation (like receipts) should the IRS knock on your door.
If you’re working from home, you just may be able to ask Uncle Sam for a nice little deduction. While some may be weary that doing so will set off the audit alarm bells, there are experts that say otherwise. So long as you adhere to the strict guidelines the government has in place for this type of deduction, you and your biz should be in the clear. Get well versed on the specifics of the home office tax deduction here.
If one or more of your customers really meant to pay for an item or two, but it somehow slipped their mind (cue the eye roll), you may be able to get it back. When you’re in the business of selling goods and products, chances are that at least a small percent (hopefully tiny) of said products that go out your door won’t be paid for. You can however claim these items and deduct the cost that you should have been paid for in your taxes.
2015 is minutes away, and that means there’s an app for just about everything. In the Wix App Market alone, there are tons of powerful web apps that not only let you create a more interactive experience for your site visitors, there are even some that are made to help you sift through your business’s finances with ease. So this year, don’t just survive tax season – master it! Apps like Wave and QuickBooks will help you manage all different aspects of your business’s finances.
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