That time of year has already arrived. Tax season. Having a small business is already a challenge in itself. Ensuring you complete all the necessary documents and making sure your checks and balances are in place can be overwhelming. Add tax filing to the equation, it can be a nightmare. But it doesn’t have to be.
According to a recent survey by the National Small Business Association, paperwork and confusing rules contribute to the administrative burdens that 59 percent of small business owners say are the worst part of dealing with federal taxes. On top of that, the tax laws are constantly changing. Deduction limits fluctuate. Rules regarding health care premiums could be overhauled. All of this turbulence adds up to a prevalence of common tax mistakes. Reduce your tax obligations by getting educated about the deductions you’re missing out on by examining this overlooked and uncommon tax deductions guide.
Tax attorney Todd S. Unger created a small business guide to overlooked and uncommon tax deductions. It is a great resource tool to ensuring that you are not missing out on any key deductions. It details some of the most Overlooked Tax Deductions as well as Uncommon tax deductions.
Overlooked Tax Deductions:
- Start Up Costs
- Home Office
- Auto Expenses
- Travel Expenses
- Miscellaneous Expenses
Uncommon Tax Deductions:
- Bonus Depreciation
- Advertising and Promotion
- Carryovers
- Miscellaneous
- Bad Debts
The ability to know when it is time to delegate is an important part of being a leader and business owner. Tax filing is one of those things that you might consider delegating. A tax attorney or accountant may save you tons of time and more importantly identify areas where you can maximize deductions and saving.