Tax Deductions for Your Small Business
It takes a hardworking, dedicated, and self-motivated person to be a thriving small business owner. Our accounting firms in Mid-Missouri enjoy helping small businesses throughout the area grow by offering the tax services that we do. Filing taxes for your small business yourself can be very time consuming and you could cost yourself thousands of dollars by forgetting to list certain deductions. This is why hiring a professional accountant in Central Missouri is such a good idea because they have the experience it takes to make sure you are getting all of the tax breaks you should be. Wilson Toellner CPA is here to give you a few tax deduction examples for small businesses. If you need assistance preparing your taxes this year, call Wilson Toellner CPA.
Home Office Deduction
Many small businesses are run out of the business owners home. Not only are you saving money by not having to go and purchase or rent a separate commercial space but you can also deduct your home office costs on your taxes. Ask your Mid-Missouri accountant for the details.
Office Supplies, Equipment, and Furniture Deduction
Keep the receipts of any purchase you make in regard to office supplies, equipment, or furniture. There is a possibility you can deduct that. Bring this up the next time you meet with your account at the Lake of the Ozarks.
Mileage for Work Trip Travel
Whether you make deliveries for work, pickups for work, or just have to travel for different work-related conferences or classes, keep track of those miles! There is a possibility you can deduct that from your taxes.
Meals During Work Trips
As long as you aren't dining in the most expensive restaurants you can find, there is a possibility you can deduct your meal expenses. Again, just be sure to save your receipts.
Charitable Donations
You should be able to use Schedule A on your Form 1040 to deduct any charitable donations your business has made. Be sure to bring this us up when you are with your accountant.
Our accountants in Sedalia prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, Wilson Toellner CPA is in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities for your small business. Use this to your advantage. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the whole year. Tax services offered here include but are not limited to:
1. Tax planning & return preparation
2. Taxing authority representation
3. Divorce and support issues
4. Tax effects of buying/selling a business
To learn more call your nearest Wilson Toellner CPA. Our phone numbers and locations are listed below.
Tax Deductions for Your Small Business
Home Office Deduction
Many small businesses are run out of the business owners home. Not only are you saving money by not having to go and purchase or rent a separate commercial space but you can also deduct your home office costs on your taxes. Ask your Mid-Missouri accountant for the details.
Office Supplies, Equipment, and Furniture Deduction
Keep the receipts of any purchase you make in regard to office supplies, equipment, or furniture. There is a possibility you can deduct that. Bring this up the next time you meet with your account at the Lake of the Ozarks.
Mileage for Work Trip Travel
Whether you make deliveries for work, pickups for work, or just have to travel for different work-related conferences or classes, keep track of those miles! There is a possibility you can deduct that from your taxes.
Meals During Work Trips
As long as you aren't dining in the most expensive restaurants you can find, there is a possibility you can deduct your meal expenses. Again, just be sure to save your receipts.
Charitable Donations
You should be able to use Schedule A on your Form 1040 to deduct any charitable donations your business has made. Be sure to bring this us up when you are with your accountant.
Make Tax Deductions for Your Small Business with Wilson Toellner CPA
Our accountants in Sedalia prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, Wilson Toellner CPA is in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities for your small business. Use this to your advantage. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the whole year. Tax services offered here include but are not limited to:
1. Tax planning & return preparation
- Individuals
- Corporations
- Partnerships
- LLCs/LLPs
- Estates, trusts & gift
- Not-for-profit organizations
2. Taxing authority representation
3. Divorce and support issues
4. Tax effects of buying/selling a business
To learn more call your nearest Wilson Toellner CPA. Our phone numbers and locations are listed below.
Our Success Stems From Your Success
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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