Tax tips for of small Florida businesses


 

These days, many small Florida businesses are running very thin to be able to keep the doors open and paychecks flowing. Many small business owners that I meet with do not have a tax professional involved at all and prepare their own tax returns to save money. However, as we all know, doing your own taxes is not always easy. Sometimes the tax professional pays for themselves in the amount of taxes they save you (plus the cost of not having to worry about it yourself). Some of you though will continue to prepare and file your own taxes. Lawyer office in Pennsylvania.  For those that do, below are some tax tips for you to help save a little money:

Legal, tax, and IT fees: The fees you pay to help set up a business and keep it running are usually fully deductible as business expenses. However, if the expense could produce income in the future, then it must be spread over a period of years.

Marketing expenses: any money you spend to get your name out there for marketing purposes is generally tax deductible.

Loan interest: small businesses are usually initially funded with loans. The IRS, generally, allows you to write-off interest on business loans just like they allow homeowners to write-off mortgage interest.

Bad debt and theft: These are write-offs against your income.

Networking: Joining professional associations is a tax write-off. Think of things you like to do and then find a professional association which encompasses that. For instance, I like football so I joined the Gator Bowl Association.

To learn more about other tax tips for small business owners, please contact our business attorneys at Wood, Atter & Wolf, P.A. located in Jacksonville and Ponte Vedra Beach, Florida.

Комментарии

Популярные сообщения из этого блога

How Do Changes to Florida’s Power of Attorney Act Affect My “OLD” Power of Attorney

Looking To Change Jobs, It May Not Be As Easy As You Think