With Halloween a mere week away, that only means one thing for businesses- the holiday season is upon us, and year end close will arrive very shortly. For smart business owners, this also means that now is the last possible chance to check for any tax deductions you may have missed.
Wentworth and Associates sends our clients reminders each fall so that business owners remember to include any and all deductible expenses in their tax information. Our list of deductions exceeds 75 items- we make sure to include anything that might be relevant to your business.
Tax deductions are an overlooked way to make more money for your company. As the saying goes, “A penny saved is a penny earned,” and with tax deductions, we could be talking about thousands of dollars, not cents. Your company could end the year with a few extra thousand dollars if you take a couple minutes now and before you give your accountant your tax information to be sure you included all of your deductible expenses. This could translate into employee bonuses, reinvestment in the company- anything you’d like! Not sure what all of the deductible expenses are? Below we’ve listed a few common expenses that most businesses could take advantage of:Accounting fees, Advertising, Amortization, Board Meetings, Charitable Deductions, Cleaning Services, Education and training, Freight/Shipping, Losses from theft, Parking and tolls, Royalties
There are over 65 more items on our list of deductions. If you want to stop paying too much in taxes and truly focus on the financial health of your business, be sure to call us today at (570) 430-8082 for a consultation. We can show you how much you can save come tax time 2014!