Document your expenses and keep your receipts. The better tracking you do throughout the year, the better you are when tax season rolls around every year.
Atlanta, GA (PRWEB) March 10, 2015
C2C Resources, a leading business debt collection agency, released a tip sheet today on the most overlooked tax deductions companies often fail to take advantage of. In the midst of tax season, the company encourages business owners to consult with their accountant or CPA to ensure their company is maximizing their savings.
“Business owners need to have a tax season mindset throughout the entire year,” explained Todd Tinkler, President of C2C Resources. “Document your expenses and keep your receipts. The better tracking you do throughout the year, the better you are when tax season rolls around every year.” .
The list of the most overlooked tax deductions include, but are not limited to:
1. Contributions to Profit-Sharing or Pension Plans
2. Energy Investment Tax Credits for Owned and Rented Space
3. Home Office Deduction
4. Office Supplies
5. Bad Business Debt (if the amount owed was previously included in gross income)
6. Business Travel Expenses
7. Charitable Contributions above $250
8. Start-Up Expenses up to $5,000
9. Inventory (if the company uses the cash method of accounting and considers inventory items as supplies)
10. Accounting Fees for Preparation of Taxes
13. Office Equipment
14. Advertising and Marketing (directly related to the business)
15. Auto Maintenance and Mileage
“With every type of deduction, there are always limitations,” continued Tinkler. “While your tax accountant will ultimately be the expert on your deductions, educating yourself will help you make more informed business decisions during your tax conversations.”
For the full list of 30 tax deductions, visit the recently released C2C Resources blog: http://www.c2cresourcesblog.com.
About C2C Resources:
C2C Resources is a global Commercial Debt Collection agency headquartered in Atlanta, Georgia. The company collects commercial debt on behalf of their over 25,000 clients and is considered one of the top agencies in the country. The executive team at C2C brings more than 60 years of experience helping businesses collect their accounts receivable.
C2Cs powerful combination of Profit Maximizer, InfoMax Collection System, and Legal Forwarding Edge, can help your company be more effective with your own in-house collecting and maximize recovery of accounts turned over for collection.