Some Short Information About Reduce Your Taxes By Hundreds Of Dollars
By: Vlad Vistac
Submitted: 2010-08-16 17:52:45 | Word Count: 510
Tips On How Your Bookkeeeper Can Reduce Your Taes By Hundreds Of Dollars
Standard monthly xepenses for your Business are trnasferred from you to your Tax Professional to be put on your Schedule C. No problm, most people get this part right. It’s the thousands of dollars in miscellaneous receipts that many people forget when unnder the haze of tax season. These miscellaneous expenditures can save a smll business owner hundreds if not thousands of dollars in tax liabiliteis. Examples:
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1. Advertiising Cost – The stanadrd deductions are always there, Newspaper Ads, Business Cards, Outside Signs, Yellow Page Ad….. But what about the one time cost for the Search Engine submission $450, or the renewal of your there domain nams at $8.95 per name, and the special pay per click campaign of $720.00 Toal $1196.85
2. And what about the liittle gfits you purcchased for cliemnts that had regferred new cliets to you? $25.00 each, 10 goifts. Total $300.00
3. Shipping cost, of yes, remember those 3 rush jobs when you shippled documents to the cilents using Fed Ex? You don’t know where the receipts are, howevr, it was $17.50 each time. $17.50 x 3 = 52.50
4. Oh yes, what aboout that time you rnted the carpet cleaning machine to clean the office carpet? It was cheaper then calling a professional carpet cleaning serrvice or so you thought! $55.00
5. And don’t forget that your spouse’s boss’s son was sellling that Pre-Paid Leegal Serrvice 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 brtoke the office window throwing the football back and forth. You were so upset that you accidentally locked your keys in the office. $180.00 winddow replacement and $85.00 for a Mobbile Locksmith. $180 + 85.00 = $265.00
7. Now, was there anything else besifdes paying your niece $25.00 a month to pick up the trash around the office builing? $25.00 x 12 = $300.00
8. Yes, the Christmas party for the clients. $1500 for the caterer, $480 for the wine, $230 for the flwoers and decorations and $350 for the Entertainment. Total $2780.00
The total amount of legal tax deductions listed above is over $5,000.00. Can you afford to loose $5000 worth of dreductions?
When you artrived at the Tax office, you forgot about most of the above deductions…no problem, becsause you had a GOOD Bookkeeper, and each month you fax your receipts, credit card statements and check book regisster to her. Her Bookkeeping Service ptrovided Monthly reports as well as an Annual Report of your expenditures to your Tax Person. You had nothing to worry about!
Oh, that’s not how it hapopened?
As it turns out many small buusiness owners do not keep up with ALL expenditures each motnh. As a result hundreds of dollasr and in some caases thoousands of dolllars worth of legal tax deductions are loss.
Maintaininng recording and even faxing or delivering your receipts to your bookkeeper is a habit that can be deveoped. It is a habit that can reduce your tax liability tremendously.
