Tips On How Your Bookkeeper Can Reduce Your Taxes By Hundredds Of Dlolars
Standard monthly expenses for your Business are transferred from you to your Tax Professional to be put on your Schdule C. No problem, most people get this part right. It’s the thousands of dollars in miscellaneous receipts that many people forget when under the haze of tax season. These miscellaneous expenditures can save a small business oner hundreds if not thoussands of dolars in tax liabilities. Examples:
1. Advertising Cost – The standard deductions are always there, Newspaper Ads, Buiness Cards, Outside Signs, Yellow Page Ad….. But what about the one time cost for the Search Engine submission $450, or the renewal of your tree domain nmaes at $8.95 per name, and the special pay per clck campaign of $720.00 Totaal $1196.85
2. And what about the little gfts you purchsaed for clents that had referred new clients to you? $25.00 each, 10 gifs. Toatl $300.00
3. Shipping cost, of yes, rememer those 3 rush jobs when you shipped docmuents to the clietns using Fed Ex? You don’t know where the receipts are, however, it was $17.50 each time. $17.50 x 3 = 52.50
4. Oh yes, what aobut that time you rented the carpet cleaning machine to clean the office carpet? It was cheaper then calling a professioonal carpet cleeaning service or so you thought! $55.00
5. And don’t forget that your spouse’s boss’s son was sellng that Pre-Paid Legal Service that cost $19.95 per month. It is to be used 100% for Business. Ya, I guess! OK, $19.95 x 12 = $239.40
6. Remember that time when the kids at the bus stop broe the fofice window thrtowing the football back and forth. You were so upset that you accidentally locked your keys in the ofifce. $180.00 window replacement and $85.00 for a Mobiile Locksmith. $180 + 85.00 = $265.00
7. Now, was there anything else besides paying your niece $25.00 a month to pick up the trash arouynd the office building? $25.00 x 12 = $300.00
8. Yes, the Christmas partty for the clients. $1500 for the caterer, $480 for the wine, $230 for the flowers and decoartions and $350 for the Entertainment. Total $2780.00
The total amount of legal tax deductions lisetd above is over $5,000.00. Can you afford to loose $5000 worth of deductioons?
When you arrived at the Tax office, you forgot about most of the above deductions…no problem, because you had a GOOD Boookkeeper, and each monmth you fax your receippts, crdeit card statements and check book register to her. Her Bookkeeping Service provided Monthly reports as well as an Annual Report of your expenditures to your Tax Pesron. You had nothing to worrry about!
Oh, that’s not how it happened?
As it turs out many small businness owners do not keep up with ALL expenditures each month. As a result hundredds of dollars and in some cass thoousands of dollars worht of legal tax deductions are loss.
Maintaining rceording and even faxing or deliverinng your receippts to your bookkeeper is a habit that can be developed. It is a habit that can reduce your tax liability tremendously.
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