Owning a small business is all fun and games until tax time. Manage the small details ahead of time to take advantage of tax benefits and avoid a headache. Keeping track of your business expenses is simple with these helpful tips.
- Record Keeping – Your business profits will be taxed yearly by the IRS. Your Expenses may be deducted from your profits if you can prove to the IRS that you spent this money on your business. Keeping records will help you do this.
- Separate business and personal finance- There are software programs that can help you with this but you can keep it simple by having different debit and credit cards.
- Understand what is deductible- Things like meals, supplies, and travel are all tax deductible if the primary purpose is business. Check the IRS website to understand what is deductible for your business.
- Keep track of paperwork- Receipts, checks, and bills are all purchases you must keep track of. Scan and keep these records in a file in case the IRS needs to see them.
- Get help- When in doubt ask your insurance provider!
Maurice Taylor Insurance can help you with all of your business insurance needs. Contact us today with any questions or inquiries.
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