For business owners, there are so many benefits associated with making the most out of your tax-deductions — it can really change the trajectory of your business in the long run. In fact, business owners should always be aware of any potential tax-deductible expenses and other opportunities available to them. Tax-deductible expenses become increasingly important for business owners — particularly when it comes to tax season. The reality is, you’ll also want to avoid taking deductions where there aren’t any available. Ultimately, hiring a professional is the best approach to take to ensure you maximize your tax deductions for your small business. Here are the most overlooked tax-deductible expenses among business owners in Annapolis, MD.
Think About Your Utilities
If there are any utilities that you end up using solely for your small business — those can be tax-deductible. In fact, many business owners will usually have utilities that are used just for their small business — which traditionally lends itself to being tax-deductible. The reality is, if you use utilities for both your business and for personal use — those utilities will not be subject to a tax deduction. Ultimately, depending on just how much of the utilities your business uses, you still might have the opportunity to allow for a tax-deduction even with utilities that are used personally and via your business — having a profession help make sure you don’t miss out on vital tax deductions will absolutely make a huge difference towards your business’ bottom line — particularly in the long run.
Don’t Forget About Office Supplies
Any office supplies you use for your business can be deducted on your tax returns when it comes to your business. In fact, from paper and writing utensils to staples and glue are all tax-deductible when they are used for your business. The reality is, even any cleaning supplies you purchase for your business can be considered as tax-deductible. Ultimately, your best bet when it comes to maximizing your tax deductions will definitely be getting a professional involved so you make sure you aren’t missing out on any money towards your business.
Trust the Professionals at the Harding Group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for consultations and strive for open communication with our clients.
Are you interested in business advising, tax preparation, bookkeeping and accounting, payroll services, training + support for QuickBooks, or retirement planning? We have the necessary expertise and years of proven results to help.
We gladly serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of tax time, contact us online or give us a call at (410) 573-9991 for a free consultation. For more tax tips, follow us on Facebook, Twitter, YouTube, and LinkedIn.