Tips On How Your Bookkeeper Can Reduce Your Taxes By Hundreds Of Dollars

Tips on​ How Your Bookkeeper Can Reduce Your Taxes By Hundreds Of Dollars
Standard monthly expenses for your Business are transferred from you​ to​ your Tax Professional to​ be put on​ your Schedule C .​
No problem,​ most people get this part right .​
It’s the​ thousands of​ dollars in​ miscellaneous receipts that many people forget when under the​ haze of​ tax season .​
These miscellaneous expenditures can save a​ small business owner hundreds if​ not thousands of​ dollars in​ tax liabilities .​
Examples:
1 .​
Advertising Cost – the​ standard deductions are always there,​ Newspaper Ads,​ Business Cards,​ Outside Signs,​ Yellow Page Ad…. .​
But what about the​ one time cost for the​ Search Engine submission $450,​ or​ the​ renewal of​ your three domain names at​ $8.95 per name,​ and the​ special pay per click campaign of​ $720.00 Total $1196.85
2 .​
And what about the​ little gifts you​ purchased for clients that had referred new clients to​ you? $25.00 each,​ 10 gifts .​
Total $300.00
3 .​
Shipping cost,​ of​ yes,​ remember those 3 rush jobs when you​ shipped documents to​ the​ clients using Fed Ex? you​ don’t know where the​ receipts are,​ however,​ it​ was $17.50 each time .​
$17.50 x 3 = 52.50
4 .​
Oh yes,​ what about that time you​ rented the​ carpet cleaning machine to​ clean the​ office carpet? It was cheaper then calling a​ professional carpet cleaning service or​ so you​ thought! $55.00
5 .​
And don’t forget that your spouse’s boss’s son was selling that Pre-Paid Legal Service that cost $19.95 per month .​
It is​ to​ be used 100% for Business .​
Ya,​ I​ guess! OK,​ $19.95 x 12 = $239.40
6 .​
Remember that time when the​ kids at​ the​ bus stop broke the​ office window throwing the​ football back and forth .​
You were so upset that you​ accidentally locked your keys in​ the​ office .​
$180.00 window replacement and $85.00 for a​ Mobile Locksmith .​
$180 + 85.00 = $265.00
7 .​
Now,​ was there anything else besides paying your niece $25.00 a​ month to​ pick up the​ trash around the​ office building? $25.00 x 12 = $300.00
8 .​
Yes,​ the​ Christmas party for the​ clients .​
$1500 for the​ caterer,​ $480 for the​ wine,​ $230 for the​ flowers and decorations and $350 for the​ Entertainment .​
Total $2780.00
The total amount of​ legal tax deductions listed above is​ over $5,​000.00 .​
Can you​ afford to​ loose $5000 worth of​ deductions?
When you​ arrived at​ the​ Tax office,​ you​ forgot about most of​ the​ above deductions…no problem,​ because you​ had a​ GOOD Bookkeeper,​ and each month you​ fax your receipts,​ credit card statements and check book register to​ her .​
Her Bookkeeping Service provided Monthly reports as​ well as​ an​ Annual Report of​ your expenditures to​ your Tax Person .​
You had nothing to​ worry about!
Oh,​ that’s not how it​ happened?
As it​ turns out many small business owners do not keep up with ALL expenditures each month .​
As a​ result hundreds of​ dollars and in​ some cases thousands of​ dollars worth of​ legal tax deductions are loss.
Maintaining recording and even faxing or​ delivering your receipts to​ your bookkeeper is​ a​ habit that can be developed .​
It is​ a​ habit that can reduce your tax liability tremendously.
Tips On How Your Bookkeeper Can Reduce Your Taxes By Hundreds Of Dollars Tips On How Your Bookkeeper Can Reduce Your Taxes By Hundreds Of Dollars Reviewed by Henda Yesti on July 04, 2018 Rating: 5

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