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5 tips for filing your business taxes from Rancho Cucamonga professional accountantsPosted By Whyte & Associates
- Know which form you need - While every business must report their taxes, the type of form depends on whether your business is set up as a partnership, sole proprietor, LLC, or S-corp.
- Home office and office equipment - These deductions can be intimidating because many business owners think they are red flags for the IRS. However, if you are entitled to the deductions you should be sure to take them.
- Travel and entertaining expenses – If you’re discussing business with clients over dinner, you may think it’s simply good manners to pick up the tab. However, the IRS says you can usually deduct 50% of those costs as well. Be sure to keep your receipt and make a note of whom the dinner was with and what business you discussed.
- Small deductions add up – While small expenses like books, dues to a professional organization, or stamps might not seem like much at the moment of purchase, they can add up over time. So, be sure to keep record of your spending.
- Ask for an extension – If you got a late start or your tax preparation turns out to be more complicated than you imagined, you can file for an extension. However, if you anticipate that you’ll owe the IRS money, it’s best to send your request with a payment, or you may owe additional interest and penalties.
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