Now that taxes are done for 2009, you may want to just put it all behind you and not worry about it again until next year. However, tax savings are a year-round opportunity. Businesses should work to maximize tax savings all year long so that next tax season is a good one.
There’s no time like the present to think about saving on taxes. Business tax deductions you should consider include the following:
- Auto expenses
- Expenses of going into business
- Education expenses related to business or trade
- Legal & professional fees
- Business entertaining & travel
- New equipment & software
The IRS states that any “ordinary and necessary” business expenses can be subtracted from your business income prior to being to taxed. The general rule is that as long as the expense is made for business (not personal) purposes, you can deduct it from your business income.
To ensure that you don’t miss large deductions that could save you a great deal of money, it is wise to consult with an income tax professional. If you require professional assistance, we’re pleased to connect you with our network of professionals. Click here to submit your request and you will be connected with CPAs in your area.