Tax Write-offs You Can’t Afford to Forget

Tax season is one of the most stressful times of the year for any sized business. Make sure you get all of the tax write-offs you can this year with Eric Michaels’s list of “7 tax write offs small business owners cant afford to miss.” Read his whole article at http://smallbiz.theupsstore.com/blog/small-business-blog/2014/12/30/7-tax-write-offs-small-business-owners-cant-afford-to-miss.

1.  Meals and entertainment
2. Bank fees
3. Smartphones
4. Home furnishings
5. Extra start-up costs
6. Promoting charitable walks
7. Coffee

Every little bit counts! These things may seem like silly expenses but if it is a business cost it doesn’t have to cost you. Eric Michaels does have one general rule you must remember when doing your tax write offs.

“As a general rule, small business owners should keep records of all transactions relating to their companies from the first weeks of the year through the holiday season. There’s no reason you shouldn’t take advantage of all the tax write-offs that are available to you, as long as you consult with a qualified tax professional beforehand.”

If you follow this general rule you will be able to come out ahead this tax season.