Been a successful year for your business? Been a rough year? The IRS doesn’t really care. They want their money and they want it soon. Luckily, filing taxes for your business doesn’t have to be difficult. We make it easy, whether you’re out in the plains of North Dakota, or your near the nation’s bustling capital in Rockville or Frederick, Maryland. Taking care of your business means being smart. from every perspective, when filing your business taxes. When filing business taxes, you should include:
Whatever expenses relate to your business should be carefully documented. And they can certainly add up in any given year. For instance, standard mileage rate deduction was 56.5 cents per mile in 2013. Have you looked at office supplies? What about upgrades to your equipment? It’s important to not let possible deductions fly under the radar.
Remember that it only “counts” as a home office from the perspective of tax collective agencies if the area in question is utilized exclusively for business activities. Therefore it must be a true dedicated home office. That being said, this can be an important and fruitful deductions as you file your taxes.
Don’t forget to include deductions related to travel. Even if it’s just meeting a client for a business lunch, it is deductible. If you work right out of your home then typically auto expenses may not qualify. But any traveling you do related to your business certainly is worth deducting.
You won’t be able to deduct contributions you make to a Roth account because it’s taxed the same year as the contribution. However, a traditional IRA is tax deferred. And therefore contributions can be deducted. And these may potentially lower the amount of money that you’re paying in taxes for the contribution year. Besides from being useful from a tax perspective, there are many important financial reasons why making contributions to a tax-advantaged account of any kind really pays off.
An extension to the filing deadline gives you more time to prepare and plan and moved the date that you must file by, but it doesn’t change how quickly the payments are due. If think you will owe money, it’s best to determine an approximation of how much you will owe and send that money along with the extension to avoid interest and penalties. Our recommendation is to make sure that you look at extensions as a useful tool, but not something to be relied upon.
You may have a “great” piece of software or a “really smart” friend, but at the end of the day, having your taxes done properly is not an area where you want to cut corners. Work with a reliable accounting and tax preparation firm like Business & Financial Solutions who offer value rates for professional, air-tight, tax preparation, business consultation and accounting. Business & Financial Solutions values your business, and wants to add value to you business through excellent services at competitive rates.
If people truly understood how little time they had…for everything, they wouldn’t delay or procrastinate one more hour. Murphy’s law reminds us that things will go wrong, especially if we don’t allow for extra time. We have offices in Frederick and Rockville, MD, as well as Vienna VA. Give us a call now at 855-557-2222 and let yourself rest easy as you move into the new year.
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