You took the plunge. You decided to start that new business and take charge of your own life. But maybe you’re a bit nervous about the money you need to spend to get your big idea off the ground.
Well, take heart. Here’s what you need to know about deducting startup costs on your tax return. Read More
It’s that time of year. When preparing your tax return, even a little mistake can cause problems. You could end up with a larger tax bill than you should, your refund could be delayed, or ever worse, you could get audited.
Here’s a list of the most common mistakes that could be costing you money:
Do you need your small business bookkeeping cleaned up? Don’t worry I get it. You fell behind on your books. It happens to many small business owners especially when they are just starting out. After all, what is more important in business than making sales, right? However, at some point, you need to just get that bookkeeping mess cleaned up and caught up. And you want to make sure you never face this situation again.
Do you drive in the course of running your business? If so, there’s a tax benefit you might be able to take advantage of.
The miles you put on your odometer or the cost of using your car for the following types of drives can be deducted from your business taxes: