The deadline for filing your returns is a little under a month away. And, with around 20-25% of all returns filed within two-three weeks of that April 15th deadline, it’s probably safe to assume that a few of you are still working on those returns. A lot of small business owners depend on a solid refund to help get the year off to a good start. But to get that big refund, you have to claim every deduction and credit available.
Don’t overlook anything
Most people will know enough to claim a few, common deductions – mileage, office supplies, and other regular business expenses. But there are some tax deductions that you may be missing out on. If you started your business last year, you can claim start-up costs like market research or office repairs. Anything you had to pay, up to $5,000, before you opened your doors can be claimed. Fees paid to consultants, money spent on business-books, and your marketing can all be deducted as well. Some of these expenses may seem small compared to what you spend on, say, new equipment or software, but they really do add up.
Compare the ways to deduct your home office
The home office deduction is pretty well known. But did you know there are two ways you can calculate it? (more…)
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