Throughout the year, people get busy.
In January, you’re setting and implementing new goals. Come Springtime, you’re recovering from tax season and getting organized. During the Summer you try to squeeze in vacations and travel before the Fall season arrives, with the holidays following in hot pursuit.
Throughout all these activities, trips, meetings and general life happenings, tracking your tax deductions can easily slip through the cracks — Making next tax season even more hectic than it has to be.
Identify and track your business tax deductions in real-time, throughout the months, with this QUICK Con-Vis Inc. Checklist:
- Food & Meals – Business related dining, especially if you’re away from home, traveling on business.
- Rent – Expenses for those that do not own property and rent is a cost of doing business.
- Industry Education – Classes, workshops, books, etc. that are related to furthering your education in your business.
- Gifts & Entertainment – For clients/customers/employees.
- Travel & Transportation – Business trips, car expenses, including public transportation fees, hotel costs, and tips.
- Manufacturing - Or acquisition costs of products/inventory sold.
- Wages & Fees – Paid to employees, consultants, service providers, etc.
- Interest Expenses – If you’re running your business with borrowed funds, subject to interest.
**It’s important to remember that every item on this last has IRS regulations regarding the amount/percentage that you can claim as a tax-deduction. Review all tax-deductions with your accountant prior to filing your taxes**
Whether you use a shoe box or a spreadsheet, make the best use of your time and track the right tax deductible expenses – Book an appointment with your accountant this week to assess in advance which expenses you should monitor in the coming months.
Got more tax deductions to add to the list? Comment and let us know!
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