You cannot avoid paying your taxes. It is possible, however, to reduce your tax liability. If you decide to benefit from business tax help in the form of various deduction possibilities available to small business owners, you will be able to considerable lower the tax burden you have to carry. Knowledge about several business tax tricks should be enough to save at least some of your hard-earned money. Here is the business tax help available to everyone:
Keep your records. It is an advice too often ignored by small business owners, who forget about keeping organized records of all their expenses from a given year. Such records are vital to be able to benefit from tax deductions on expenses associated with your business activity.
In case of an IRS audit you will only be able to use deductions supported by appropriate documents. Make sure that you keep all your receipts and invoices from last seven years. Moreover, it is a good idea to prevent your private expenses from mixing with the business related ones, especially when you are involved in a home business.
One of the best business tax help advice is to be aware of deductions you are entitled to. Those with home business are able to deduct specific costs connected with home maintenance. Remember, that you can only deduce the maintenance costs for an area of your home which is used for business purposes.
Some expenses associated with this deduction type are mortgage and rent payments, property tax payments, home insurance premiums and utility bills. What is more, if you run a small business you can deduct any costs associated with this business. Such expenses as maintenance and equipment purchase and even fuel bills or entertainment are covered.