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When you’re trying to run a business, little details can have a way of pulling your focus. Unfortunately, tackling taxes is one of those details that you can’t overlook. It seems like the process never ends between trying to find ways to minimize your obligations and meeting those filing deadlines. Add to that new rules, regulations, and possible deductions, and it’s more than one person can deal with regularly. However, finding and using write offs for business expenses is one of the surest ways to reduce the amount you owe Uncle Sam and keep more of your hard-earned revenue.
Also known as tax-write-offs, business expense deductions are a legal means of removing the cost of doing business from the equation. They do this by allowing you to deduct items like the price of raw materials for manufacturing, interest rates on business loans, and even meals from your gross revenues as long as they follow the guidelines for what the IRS considers an allowable business expense.
You can benefit from this deduction if part of your job depends on a specific type of apparel, such as business suits or high-end fashion. The catch is that these items of clothing must be worn only to conduct business and monogrammed in some way to distinguish them from street clothes. There are hundreds of possible dedications available, but they change every year. Some are added, or the qualifications are changed. Some deductions that were available last year may not be valid on future returns. It’s also sometimes complicated to figure out how much of an expense is deductible.
For example, the business use of your home is calculated on a percentage basis. There are also limits on meals, business travel, and other peripheral expenses that are industry-specific.
Finding and applying deductions for business expenses may seem to make an already complicated part of doing business even more complicated. But, the price of not taking the time – or getting professional help from a tax preparation expert – could end up costing your company millions.
Accounting technology not only helps you track where your money comes from and where it goes, but it can also help find write-offs for business expenses that manual accounting might miss. When you couple the latest accounting platforms with a dedicated team of tax planners, you’ll find that your digital migration was worth the investment.
With a combination of outsourcing and the Best Accounting Software Chosen By Accountants, you’ll save time and money while reducing the risk of overpaying or enduring an audit.
Whether you’re launching a tech startup or helming a growing enterprise, minimizing your tax liabilities is essential for your bottom line. However, running your business should be the main focus.
Turning your tax planning over to a qualified tax preparation expert will allow you the freedom to manage critical business processes while we take care of the rest.