Do you want to save more money in taxes and enjoy a higher tax return in Kissimmee? Yeah you should track your expenses and record all your receipts to see where you can get deductions. But there are some other ways as well to reduce your taxes and save money. Ask yourself these questions and the impact on your tax return is going to be too good to be true.
Did You Travel Anywhere During The Year?
This is one deduction that so many entrepreneurs do not utilize. Wherever you go, you can always make your trip seem related to your business and you very easily justify your expenses. The only thing that you require is creativity, and that is it. Model your deductions as travel expenses and your Kissimmee tax return would benefit a lot. These are 100% deductible whereas a lot of other expenses are only 50% the deductible.
Travel expenses include everything such as accommodation, tickets, rentals cars, taxis and any other expenses that arise during the trip. Now analyze this year’s trips. Did you meet a vendor, participate in a conference or perhaps attend a training session? The list goes on.
How Much Mileage Did You Log On Your Car?
Auto expenses are treated separately and are not included in travel. That being said, let’s take a look at their impact on your tax return. There are so many business owners that are not aware of their correct mileage. If you have not kept a track of this, you can at least estimate an amount by noting down you regular routes and frequency. Analyze these and you can calculate an average vale. Include this in your deduction, and your taxes are lowered.
You can mention your auto expenses either as mileage or the actual expenses. Almost 90% business owners make use of the former option.
Where Do You Like To Dine When You Conduct Business?
Is there a place where you regularly dine when a business meeting is due or you meet with a client? This is another expense that business owners ignore, whereas it should be otherwise. Dining is very important for your tax return in Kissimmee, but it should be proportional to your sales and business type. If you are a new company, do not let your dining expenses get too high, and make sure you make all meals business related.
What Supplies Or Tools Do You Use?
Do you regularly buy laptops, tablets, smartphones or any other gadget to simplify your operations? This includes office furniture, basic supplies and any other item that can increase your efficiency or productivity. Well add it to your tax forms, and you might enjoy a 100% deduction.
Once again, be sure to tie the gadget with your business. Maybe your employees need an iPad for more creativity or maybe your company could do with a video cam for video marketing purposes. Long list, is it not? Start developing it and enjoy the effect on your tax return.
If you need more information about our, Kissimmee accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, and Hunters Creek, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.