Whether you have gotten your taxes done already, filed an extension or are a last minute person still trying to get it all done, tax day is almost upon us. For the occasion, we put together a list of basic tips below. Looking to get the most out of your taxes, then heed the last tip, consult a professional!
- Keep accurate records: Keep track of all your income and expenses, including receipts for supplies, rent, equipment, and wages. This will help you claim deductions and avoid any potential audits.
- Deduct business expenses: Take advantage of tax deductions for business expenses, such as rent, utilities, advertising, and supplies. Keep in mind that you can also deduct any employee wages, benefits, and payroll taxes.
- Track your inventory: If you sell products, make sure to track your inventory and report any unsold products as business expenses.
- Consider depreciation: If you purchase expensive equipment, consider depreciating it over time to help offset your income.
- Use a separate bank account: Keep your personal and business finances separate by using a separate bank account. This will help you track your income and expenses more easily.
- Consult with a tax professional: Consider consulting with a tax professional. They can help you identify potential deductions and ensure you’re in compliance with all tax laws.
-The Cirque Team