Top Ten Small Business Tax Deductions
For businesses, taxes are always around the corner. Tax regulations are a complex, Kafkaesque nightmare, but if you—or your tax preparer—know where to look, taxes are also an opportunity to keep more of the money in your business. That’s why we’re sharing Invoice2Go‘s handy infographic primer on small business tax deductions.
Before you get started, we’ve got two quick tax tips of our own.
- Just keeping a pile of receipts in a drawer or a shoebox isn’t enough. Keep notes about everything you think you might deduct, especially if it’s something that’s not obviously business-related, like a restaurant receipt. Make a note on the receipt of who attended and what the purpose of the meeting was. (Don’t put off doing this—counting on your memory to dredge up the specifics weeks later is a risky business. You have more important things to remember!)
- If you rack up lots of business-related receipts like restaurant tabs and gas, or need to keep track of mileage, your smartphone is your friend. There are some great apps out there that will track expenses, including Invoice2Go, Expensify, and Shoeboxed. Take advantage of the tech to take some of the busywork off your plate.
In addition, we’ve made a note of some important tax dates below, to help you stay on top of the deadlines.