I recently contributed to an Entrepreneur Magazine online article written by Karen Mueller Prince about small-business Tax Deductions. Here’s an excerpt with a link to the full article:
Opportunities abound for small businesses to cut their tax bills. The key is understanding what’s deductible for your business. A good tax preparer can guide you, but it is your responsibility to save receipts throughout the year.
Organization and good record keeping are the keys to lower tax preparation fees and painless IRS audits,” says Sam Fawaz, a certified financial planner and certified public accountant with Y.D. Financial Services
in Franklin, Tennessee and Canton, Michigan. “Bringing a shoe box to your CPA or accountant and saying, ‘Here are my tax records; please prepare my return’ will undoubtedly cost you more in compilation and accounting fees to arrive at tax return numbers.”
Here’s a rundown of expenses to track in preparation for tax day.
To continue reading, please click here http://bit.ly/a49I1K