The following article is excerpted from Entrepreneur.com.
Don’t Overpay Your Taxes: 5 Can’t Miss Small-Business Deductions
It’s tax time and whether they know it or not, small-business owners might be leaving hundreds, even thousands of dollars off the table.
“Numerous businesses overpay their taxes every year by overlooking various tax deductions,” says Michael Raanan, a former IRS revenue officer who is president of Santa Ana, Calif.-based Landmark Tax Group.
In some cases, entrepreneurs simply aren’t aware of the deductions available. In others, they don’t keep detailed records or shy away from itemizing or complicated number crunching, habits that can be costly in the long run.
To save you headaches, money and time, we’ve reached out to our tax experts for oft-missed deductions to discuss with your tax professional as the IRS’ April 15 tax filing deadline approaches.
The 5 areas of tax deductions to consider include:
1.) Business related meals & entertainment
2.) Automobile expenses
3.) Home office deduction
4.) Startup costs
5.) Employee expenses
To find out more, read the full story, “Don’t Overpay Your Taxes: 5 Can’t Miss Small-Business Deductions”. And, as always, the KSBDC recommends that you consult with your local CPA or tax professional to maximize your legal business deductions while minimizing your chances of being audited.