| Owning a small business can give you an edge at | | | | important that you have the most recent and accurate |
| income tax time, if you are armed with as much | | | | information about small tax credit and deductions. |
| information about business tax credits and deductions | | | | It is also important to know about self-employment tax |
| as you can. | | | | as your obligation for contributions to social security |
| Since small business owners are three times more | | | | and any real or potential retirement contributions to a |
| likely to be audited by the IRS than a non-owner, it is | | | | SEP/IRA. There is help for you. |
| very important to have accurate information, and to | | | | Since I know that as a small business owner you are |
| make sure you qualify for the credits and deductions | | | | independent minded and like to do things on your own, |
| you are claiming. | | | | you may find an on-line small business tax preparation |
| This article will touch on a few tax deductions available | | | | program helpful. Such a program can walk you through |
| to business owners. | | | | all the deductions and credits, so that you will know |
| What deductions can you safely claim? You can claim | | | | when you file that you have taken advantage of all |
| business tax deductions on things that are reasonable | | | | the credit breaks you deserve, and have met all the |
| and necessary to run your business. This could include | | | | qualifications required by the IRS. |
| your home office, office supplies, furniture and | | | | You want to feel that if you are one of the "three |
| equipment, mileage necessary to operate your | | | | times more likely", that you are in the best possible |
| business, travel, dinner and entertainment expenses. | | | | standings you can be for that audit. |
| It can also include real estate tax, mortgage interest, | | | | Owning a small business can be rewarding and give |
| depreciation costs, insurance, rent, security systems | | | | you a break at tax time. Make sure you have as |
| and utilities and services like phone, internet and | | | | much accurate information about small business tax |
| garbage collection. Health insurance cost and liability | | | | credits and deductions that you can. An on-line tax |
| insurance costs may be taken as deductions. | | | | preparation program may be just what you are looking |
| With this many items or more to think about, it is | | | | for to keep that edge. |