Tips On How Your Bookkeeper Can Reduce Your Taxes By Hundreds Of Dollars
Below is a MRR and PLR article in category Finance -> subcategory Taxes.
How Your Bookkeeper Can Save You Hundreds on Taxes
Summary
While most business owners remember to report standard monthly expenses, many overlook miscellaneous receipts during tax season. These overlooked expenditures can significantly reduce tax liabilities. Here are some examples of commonly missed deductions:
Key Tax Deductions
1. Advertising Costs:
- Standard deductions include newspaper ads and business cards, but don't forget about:
- Search engine submission: $450
- Domain name renewals: $26.85 (for three)
- Pay-per-click campaigns: $720
Total: $1,196.85
2. Client Gifts:
- Gifts for client referrals can add up:
- 10 gifts at $25 each
Total: $300.00
3. Shipping Costs:
- Consider rush job shipping expenses:
- FedEx shipments at $17.50 each, three times
Total: $52.50
4. Office Maintenance:
- Renting a carpet cleaner can be more economical than hiring a service:
- Rental cost: $55.00
5. Business Services:
- Pre-paid legal services dedicated to business:
- Monthly cost of $19.95
Yearly Total: $239.40
6. Office Repairs:
- Unexpected repairs can be deductible:
- Window replacement: $180
- Locksmith services: $85
Total: $265.00
7. Minor Services:
- Regular small payments for services:
- Niece picking up trash monthly: $25
Yearly Total: $300.00
8. Holiday Parties:
- Office events are also deductible:
- Catering: $1,500
- Wine: $480
- Decorations: $230
- Entertainment: $350
Total: $2,780.00
Grand Total Deductions
These deductions can total over $5,000. Can you afford to miss out on these savings?
The Role of a Good Bookkeeper
Forgetting these deductions is easy during tax season, but a good bookkeeper ensures you don’t miss a thing. By regularly sending your receipts, credit card statements, and checkbook register to your bookkeeper, they can provide monthly and annual reports to your tax professional, maximizing your deductions.
Conclusion
Many small business owners fail to track all their expenditures, losing out on valuable deductions. Developing a habit of tracking and sending receipts to your bookkeeper can significantly reduce your tax liability. Don't let these potential savings slip away!
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