Keeping an eye on small business deductions over summer and winter is essential to reducing the amount of taxes you borrowed from come April. But with so many possible write offs, how are you likely to keep everything right? The clearer you are on exactly what does and does not count the number as a write-off for your small business, the bigger your refund by the end of the year. Check out some of the most commonly missed and misunderstood small business deductions, today, and begin tagging your receipts!
Don’t you hate it when you’re stuck in an airport terminal or hotel, and you will need cash, like, now? Even if your only choice is a competitor’s bank, don’t sweat those ATM fees! ATM fees are considered banking fees, as well as for small business owners, banking fees are part of the actual IRS consider regular operating expenses.
Make your life – and the life of your accountant – infinitely easier by having separate bank accounts for business and personal transactions. That way you’ll be able to easily monitor ATM fees for your business accounts every month. Keep in mind that regular people (non-business owners) aren’t permitted to deduct ATM or bank fees, so take the time to only claim those charges associated with your business accounts. So the next time you visit a Wells Fargo machine when you lender with Chase, relax! This category is completely different from the travel deductions you state while away on business.
If you’re …