These days, businesses face a number of expenses that they might not have expected to pay. From accounting support to travel and entertainment costs, these extra expenses can sometimes sneak up on you. Here’s how to make sure that your business isn’t caught off guard when it comes time for your taxes:
Tax prep fees
Tax prep fees are a business expense and can be deducted from your business income. You may even be able to get a tax refund, which you can use to pay off debt or invest in your business.
If you need help figuring out how much money you should be paying in taxes each year, consider hiring an accountant or financial planner who specializes in taxes. These professionals can help ensure that you’re getting all of the deductions and credits available for small businesses like yours so that when tax season rolls around next year–and every year after that–you’re ready!
Travel and entertainment costs
Travel and entertainment costs are tax deductible, but only if you keep track of them. You can deduct the cost of transportation, meals and entertainment so long as they’re related to your business. For example: If you’re traveling on business and stopping at a restaurant for dinner with clients or colleagues, then the entire cost of that meal is a legitimate deduction.
On the other hand, if you flew home to see family members over Thanksgiving weekend (even though they live in town), then only part of your airfare qualifies as … More >>>