Quick Tax Tips for Small Business

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QUICK SMALL BUSINESS TAX TIP #1: Proper year-round record-keeping is the first step to ensure your taxes are filed accurately. Save essential paperwork that could be needed to substantiate deductions, should the IRS audit your return.

QUICK SMALL BUSINESS TAX TIP #2: A federal excise tax is imposed on gasoline ($.184 per gallon), clear diesel fuel ($.244 per gallon) and clear kerosene ($.244 per gallon). The amount of these taxes may be credited or refunded if these fuels are used in certain types of off-road uses.

QUICK SMALL BUSINESS TAX TIP #3: The rate for the new simplified method for the home office deduction is $5 per square foot for the part of your home used for business. The maximum footage allowed is 300 square feet. This means the most you can deduct using the new method is $1,500 per year.

QUICK SMALL BUSINESS TAX TIP #4: If you are a sole proprietor or partner in a partnership, the money or other forms of payment you take from your business should be accounted for in a draw account.†

Need more advice in order to really Grow Your Business? We invite you to call us at (877) 630-4722, or contact us via email, for a tax consultation anywhere in the New York Metro region, including New York, New Jersey and Pennsylvania.

†Source: NATP