NEW

PRESS RELEASE: Cassidy Jakovickas, CPA of Fresno, CA Appointed to Intuit’s Accountant Council

Select Panel Advises on Products and Services that Accountants and Their Clients Want Most             FRESNO, CALIFORNIA – June 4, 2019 –Today, Intuit, Inc (Nasdaq: INTU) announced that Cassidy...

Beyond The Numbers: What We’ve Been Reading

Although our team loves using numbers and spreadsheets to help our clients make the best financial decisions, we also enjoy reading great books. Staying well read on both fiction and non-fiction books helps us hone our imagination and introduces us to new, sometimes...

Looking Back At April

It’s hard to believe that we’re at the end of April, but it’s true! This month, we helped our clients wrap up another great (and busy) tax season. There was, as always, a lot of paperwork, emails, and nail-biting involved in the days preceding April 15, but that’s all...

5 Last-Minute Tips For Filing Taxes in 2019

Well, April 15 is almost here, and the tax-related panic is thick. If you haven’t filed your 2018 tax paperwork and are rushing to get your taxes in by the deadline, we’ve decided to give you some last-minute tax advice that will hopefully help ease your stress....

An Introduction To Cybersecurity for Business Owners

Keeping your sensitive business and customer data secure has never been more critical. Whether you are a small business or a national corporation, you can't relax your defenses against those criminals seeking to take advantage of lazy cybersecurity policies. Virtually...

March News Roundup

Wow! It seems like we just started March and we’re already moving into April! As we move into the final stretch of tax season, we’re recapping this month’s news for you, just in case you missed it amid the tax-related hubbub. MBS Accountancy: November Review This...

4 Key Changes To Depreciation Under The TCJA

As the Tax Cuts and Job Act (TCJA) continues to be unraveled by tax professionals, it’s important to review the changes and their implications on business operations and tax strategies. In this article, we’ll highlight TCJA’s changes to first-year bonus depreciation,...

3 Ways A CPA Can Make Your Business Successful

It can often seem unnecessary to hire a certified public accountant (CPA) since bookkeepers and accountants are frequently believed to be the be-all-end-all for a business’ finances. However, there are certain advantages to having a CPA by your side. While we...

3 Myths You Shouldn’t Believe About Accountants

To a business owner, an accountant that helps make sense of business finances can seem like a godsend. Whether you’re just starting your business or are already established, having a great accountant by your side is a sure way to keep your business running smoothly....

3 Ways QuickBooks Apps Can Improve Your Business’ Efficiency

Over 5.6 million businesses use QuickBooks to streamline their business’ accounting. The eye-pleasing interface, streamlined workflows, and powerful automation that QuickBooks provides to these business owners are invaluable, saving them time and money. While...

Overlooked Tax Deductions for Small Businesses

Reading Time: 2 minutes

Tax deductions can make all the difference when it comes to saving money for your small business. Here are some of the most overlooked tax deductions for small businesses.

  1. Startup Expenses Deduction
  2. It’s possible that you could deduct your startup expenses for your business such as advertising, transportation, consultation fees, travel, employee training and wages, and legal and accounting fees. You can deduct up to $5,000 for startup costs and up to $5,000 for organizational costs. If your deductions are over $55,000 then you have to set up an amortization schedule in order to deduct the costs.

  3. Your Car
  4. If you use your car for business, you can use a standard mileage rate or your actual expenses to calculate the write-off. You’ll have to keep track of the mileage so it has to be done all year but it could pay off. You can also deduct the depreciation of the car.

  5. Travel Costs
  6. The travel deduction doesn’t mean you can deduct your gas costs for getting to work because you choose where you live in relation to your work. What it does mean is you can deduct your travel expenses for business trips. This means transportation and lodging are 100% deductible, while meals can only be deducted at 50%.

  7. Utilities
  8. Any utilies you pay for such as water, trash, power, and telephone bills can all be fully deducted.

  9. Insurance Premiums
  10. Self-employed people that are paying their own insurance premiums can deduct 100% of the cost. This tax deduction is primary for proprietorships, but it has its limits. The deduction can not be more than your business’ net profit. It also can’t be deducted if you were able to get health insurance through a spouses job.

  11. Business Property Rent
  12. If you rent a building for your business property, you can deduct your lease payments from your taxes.

  13. Office Supplies
  14. Hang on to any receipts that prove you bought office supplies for your work. These purchases offset your business income so they can be deducted.

  15. Office Furniture
  16. You have a choice to deduct 100% of your office furniture in the year it was purchased or deduct a portion of the expense over seven years, also known as depreciation.

  17. Software Subscriptions
  18. Software subscriptions can get pricey so this can be a huge expense lifted. Maybe you use Microsoft Office, Adobe Creative Suite, or Quickbooks – all of the expenses towards software can be deducted.

  19. Loan Interest
  20. If you took out a loan to use for your business expenses you can deduct the interest on the loan. This loan has to be used exclusively for business.

  21. Social Security
  22. If you’ve owned your own business for a while, you know that anyone that is self-employed has to pay the full 15.3% of your net profits to social security. Employees have to pay half and the employer pays half, but since you are both, you have to pay the whole thing. The good news is you can deduct half of it on your 1040 form.

Previous

Next