Categories: Tax Advice

Thinking About Next Tax Season

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.

Deborah Sweeney

Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on the benefits of incorporation and trademark registration. Education: Deborah received her Juris Doctor and Master of Business Administration degrees from Pepperdine University, and has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in corporate and intellectual property law. Experience: After becoming a partner at LA-based law firm, Michel & Robinson, she became an in-house attorney for MyCorporation, formerly a division in Intuit. She took the company private in 2009 and after 10 years of entrepreneurship sold the company to Deluxe Corporation. Deborah is also well-recognized for her written work online as a contributing writer with some of the top business and entrepreneurial blogging sites including Forbes, Business Insider, SCORE, and Fox Business, among others. Fun facts/Other pursuits: Originally from Southern California, Deborah enjoys spending time with her husband and two sons, Benjamin and Christopher, and practicing Pilates. Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Deborah, and MyCorporation, have previously been honored by the San Fernando Valley Business Journal’s List of the Valley’s Largest Women-Owned Businesses in 2012. MyCorporation received the Stevie Award for Best Women-Owned Business in 2011.

Next Business Tip: You ask, We answer... »

Previous « New Businesses Need Guidance

View Comments

Foster Meloan says:

15 years ago at 1:58 PM

Awesome post. The thing I really like about my own seo business, and yes it is not the same for everyone, is the time freedom, what is yours?
Michelina Filthaut says:

15 years ago at 3:38 AM

You've got truly a awareness individual posting style and present really facts. The articles are great to read and you don´t use ton of ads like every one of the other bloggers.