Starting a business is fairly easy when you think about it.
You just have to come up with a good idea for a product or service, and find a way to deliver that to your target audience. For many small business ideas, you don’t even need to ask anyone’s permission or find an office space before you can start earning money as your own boss!
Taxes Can Be The Most Challenging Part of the Accounting Process
As providers of quality online accounting services we know actually running a business isn’t quite that easy, however. Most small business owners are in for a big surprise when it comes time to file their taxes. All year long they’ve been earning money and spending money. In some cases, this income has been deposited right into their own personal bank account, and expense tracking is no more than a shoebox full of receipts stuffed in a filing cabinet.
Then, on April 14th, the small business owner sits down with their tax forms and a calculator and realizes they’re woefully unprepared for this important process. In fact, filing taxes as a small business, even a sole proprietorship, is very different than filing taxes as a traditionally-employed individual.
Small Business Tax Deductions Checklist: Top 7 Deductions Commonly Missed
Taking tax deductions is a very important part of being a small business owner and one of the main ways that filing taxes is different for the self-employed. Done correctly using our online bookkeeping and accounting services, tax deductions can save you a lot of money. Unfortunately, not everyone uses our online accounting services and they end up missing out on small business tax deductions for:
- Wireless Service Plans
- Home Office Spaces
- Laptops & Other Office Equipment
Failing to properly track expenses for these and other facets of small business ownership means that you’ll be unable to take the full deduction to which you might be entitled. Why pay more taxes than you absolutely have to?
Contact Remote Quality Bookkeeping™ for a demonstration of how our online accounting services can help make filing your taxes a breeze!