Pleasant Grove, UT (PRWEB) September 29, 2005
As the end of the year rapidly approaches, it is a good time to take a look at our businesses and make sure we are taking advantage of all the deductions we can. There is nothing worse than preparing Income Taxes and finding that there were many deductions we didnÂt keep track of.
For every dollar you donÂt deduct, you could be paying up to 35% back to Uncle Sam. If the dollar has been spent, taxes shouldnÂt have to be paid on it.
Most business owners remember to take the big obvious deductions such as cost of goods sold, materials, tools, supplies, and employee expenses. But often times it is the small seemingly insignificant deductions that can make or break a company. Lone Peak Business Solutions has the 10 most commonly missed business deductions.
Items such as paper clips, bank charges, credit card charges and home office expense seem small and unimportant at the time, but multiply those little things over a year or two and then multiply it times 35% and it can add up to quite a bit of money that should be in your pocket rather than in the governmentÂs pocket.
Kathy Anderson, President of Lone Peak Business Solutions, says, Â It is vital for the success of every business to know what expenses to keep track of, carefully record those expenses, and then evaluate those expenses on a regular basis.Â Many companies wait until tax time to add up receipts and then wonder where all the money went.
Evaluating income and expenses on at least a quarterly basis gives you the big picture. It allows you to determine if too much is being spent any one place. It allows you to determine if all the deductions that can be are being claimed. It allows you to determine how to better increase sales and decrease costs.
Lone Peak Business Solutions has compiled a list of the top ten most commonly missed tax deductions for business owners. It includes what those deductions include and suggestions on how to best keep track of them. For the complete list go to http://www.lonepeakbusiness.com/pr_business_tax_deductions.html.