While the personal income tax filing deadline for the 2013 calendar year has passed, many small businesses have their fiscal year end at other times, plus they have the option to amend previous filings if they spot an error.
(PRWEB) April 23, 2014
Small business owners who are looking to make every dollar go as far as possible should read the new blog post from Per Wickstrom to see if they’ve overlooked some common – and potentially lucrative – deductions.
“While the personal income tax filing deadline for the 2013 calendar year has already passed, many small businesses have their fiscal year end at other times, plus they have the option to amend previous filings if they spot an error or missed out on a deduction,” commented Per Wickstrom.
According to Per Wickstrom, the common deductions that small business owners overlook are:
- Home office costs and expenses, which can be as much as $150/month depending on the size of the space used and whether it qualifies as business-use or personal-use.
- Automobile mileage, which is set at $0.56/mile for 2014, but could be higher in some cases.
- Travel and food, provided that it’s for business purposes. Small business owners should also make it a habit of jotting down on the receipt or in a notebook the subject of the meeting, plus those who were in attendance.
- Office supplies, which can include everything from printer paper to paper clips and everything else in between. Larger items such as computers, printers and phones can also be included here, though they’re subject to different deduction rules (i.e. they are depreciating assets vs. expenses).
- Education, which can include all fee-based training designed to help a small business owner maintain or improve their skills, or undertake training that is required by law to maintain a license or practice in their field.
- Donations, which are made on behalf of the small business (such as sponsorships). As always, receipts are necessary and small business owners cannot claim the deduction for their business and on their personal income tax filing – it must be one or the other.
- Vehicle lease, which can include vehicles leased solely for work purposes, or vehicles used for both business and personal reasons. There are several rules that govern how to deduct vehicle lease costs.
- Phone services, provided that the deduction is for business use and not personal use. Small business owners should use a call log to keep track of their usage and ensure that they aren’t making any mistakes.
Added Per Wickstrom: “Of course, small business owners should refer all of their questions to an accountant, who will help them make the right deductions in light of the IRS’s many – and sometimes confusing – rules.”
The full text of Per Wickstrom’s latest blog post entitled “The Tax Deductions Many Small Businesses Overlook” is available at http://www.perwickstrom.com/business/the-tax-deductions-many-small-businesses-overlook/.
For additional information or media inquiries, contact Amber Howe, Executive Director BDR, at (231) 887-4590 or ahowe(at)rehabadmin(dot)com.
About Per Wickstrom
Per Wickstrom is the President and Founder of Best Drug Rehabilitation, a drug and alcohol rehabilitation center focused on helping individuals through holistic and natural methods. Per believes that it's never too late to turn your life around and do something positive with your life - he is living proof that hard work, perseverance, and a positive attitude can overcome any negative situation.
Learn more at http://www.perwickstrom.com/.