What Business Expenses Should I Be Keeping Track of To Write Them Off?

Want to save money on your taxes?

Have you been spending a lot of money on business improvements?

What business expenses should you track to be able to write off at the end of the year?

We’ll tell you everything you need to know to prepare yourself for next year’s tax filing! At Amador Accounting, we want you to save money at the end of the year. Avoid stressing out later and prepare your records now! 

Here’s a partial list of expenses you should be keeping track of, including:

1. Mileage – This is important if you provide services elsewhere, rather than in an office setting.
2. Travel expenses – If you travel a lot for business you’ll want to keep track of gas and oil, repairs, rental fees, tolls, parking fees, insurance premiums, etc.
3. Self-improvement expenses – You may be able to deduct the cost of any kind of training program such as seminars, manuals, books, classes, etc. 
4. Home office deductions – If you work out of a home office you may qualify for a home office deduction including writing off the cost of maintaining your work space.
5. New office equipment – Equipment that is used to solely run your business can be deducted.
6. Startup costs – If this is the first year of your business, you can deduct up to $5,000 in expenses, an additional $5,000 of legal, filing, and accounting fees may be deducted if your business is structured as a partnership or corporation. amounts over $5,000/$10,000 can be amortized.
7.  Health insurance – If you’re self-employed, you may be able to deduct your insurance premiums.

Looking for More Information?

Schedule a free consultation with Lisa Amador, Tax Consultant! She’ll walk you through the entire process and will be able to customize a plan that fits your needs. Do you need help with tax preparation? She can help you organize your files and help prepare you for tax season.

Tax Consultant in Belleville and the Surrounding Areas.

Contact Amador Accounting today! Lisa’s a tax consultant specializing in small business bookkeeping in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa can help you get organized and provide immense value to your business. (734) 330-0907

IRS Notices: What to Watch Out For!

Do you receive robo calls for offers that sound too good to be true?

Have you or someone you know received a phone call regarding fictitious tax bills and demands to pay by purchasing a gift card?

Are you receiving phone calls from someone telling you they’re with the IRS?

How to Know It’s Really the IRS Calling

According to the IRS, “they will initiate most contacts through regular mail delivered by the United States Postal Service. However, there are special circumstances in which the IRS will call or come to a home or business, such as:

• when a taxpayer has an overdue tax bill,
• to secure a delinquent tax return or a delinquent employment tax payment, or,
• to tour a business as part of an audit or during criminal investigations.”

Imagine your personal information getting into the wrong hands. At the least, you may spend a lot of time making frustrating calls to your bank or credit reporting bureau to make sure your information wasn’t compromised. At worst, your bank accounts could be cleaned out!

Lisa can help you get your finances under control! You need to be keenly aware of your financial situation to avoid being duped. She can help you manage and organize your records so you can make better decisions now and in the future. 

What are you waiting for? Get started today!

Tax Consultant in Belleville and the Surrounding Areas.

Contact Amador Accounting today! Lisa Amador is a tax consultant in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, she can help you get organized and provide immense value to your business. (734) 330-0907