Small Business Tax Deductions You Should Remember You Can Claim
If you are running a small business there are many deductions that you can legally claim as part of running that business. You may be surprised about how many deductions you may be eligible for. Some deductions are obvious but there may be some you are not aware of. You should always seek the advice from your Accountant as he/she will be able to best advise you in regard to your individual businesses entity and situation.
Most business owners understand that if they are leasing a commercial space that they can claim that as a tax deduction as part of their business expenses.
Though what about if you are operating your business from home?
If you use part of your home solely for business purposed you may also be able to claim this on your tax. Calculate the amount of square footage that this space takes up and then work out from the total space of your house which will give you the portion you may be able to claim as a business expense.
Of course the supplies and tools you need to run your business can also be a tax deduction. This could be your phone, computer, internet access and a lot more. There are so many things that you could claim that it is worth while seeking professional advice from an Accountant, who can advise on what can be claimed for your particular type of business.
Until you can see your Accountant to advise you, make sure that you keep all receipts and a list of things that you pay for, and keep them in some order if you can. I don’t know if you know that those shop dockets fade with time, and we have often seen someone bring in dockets that are faded to the point of it being illegible. If you don’t keep some sort of system, you might find that you have missed out on valid tax deductions. This is money that could be in your pocket.
Keeping good and accurate business records is vital to any business and this means all year round and not just when it’s time to do your tax.
Contact us for a free consultation on how we can help any business, big or small, ensure that their business records and documents are in order.