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Accounting Services

Accounting services and bookkeeping services are two things every small business needs to function. But for many small businesses, neither of these two integral business functions seem particularly appealing. Add to that all of the information you need to know come tax time, and you’re looking at a full-time job by itself.

So if you’re looking for ways to save money come this tax season, here are five deductions that you can put to good use.

1. Your home-office space is tax-deductible. Many people who run a small business forget or neglect to claim this deduction. But it’s worth every penny to do so. There a few ways of calculating this deduction (simplified and regular), so refer to the IRS’s website for the best practice.

2. Don’t forget office supplies deductions. If you have been forgoing this deduction, now’s the time to stop. A small business can save nearly all of their money when it comes to office supplies and miscellany. For a more comprehensive look, the IRS has outlined all the details for convenient viewing.

3. Depreciation of furniture and equipment will benefit the whole. It behooves a small business to look closely at this deduction. Things like office furniture, printers, laptops, copiers, and so on can be depreciated over a 5-7 year period.

4. Driving for business-related events. Business mileage can add up fast. Deducting trips related to business, like ventures to meetings, office supply stores, etc., can save your small business money in all the right places. Keep those receipts.

5. Meals are tax-deductible. Most people already know this, but some are unsure when it is applicable. According to the IRS’s website, deductions can take place in two instances:

– It is necessary for you to stop for substantial sleep or rest to properly perform your duties while traveling away from home on business.

– The meal is business-related entertainment.

Please read the other details for when not to deduct, and on standard meal allowance and actual cost.

Is your small business ready for tax season? Do you need the help of qualified bookkeeping services? Then please contact us for more information on how we can help.