[timhag]

Its that time of year, thought this topic needed to be addressed. Here are a few deduction tips. If you guys know of other tips please post for your brother brushers, rollers and sprayers.

A dozen deductions for your small businessBy Dana Dratch • Bankrate.com


Small-business tax rule No. 1: Don't mess with the IRS.
But that doesn't mean you should cheat yourself. Take every legal deduction you can. Here are a dozen that even savvy small-business owners and entrepreneurs sometimes forget:

The deductible dozen:

1.Home office7.Travel, meals, entertainment and gifts2.Office supplies8.Insurance premiums3.Furniture9.Retirement contribution4.Other equipment10.Social Security5.Software and subscriptions11.Telephone charges6.Mileage12.Child labor

 

[T&Jcustompainting]

this is my first year filing taxes for my own company. ihave been holding about a third of the money i make in a seperate account for my taxes.. they are coming up at the end of the month. just wondering if you guys thought this was enough or to much.thanks

 

[ProWallGuy]

If I was you, I'd pay an accountant to tell me if it was enough or not. :yes:

 

[timhag]

this is my first year filing taxes for my own company. ihave been holding about a third of the money i make in a seperate account for my taxes.. they are coming up at the end of the month. just wondering if you guys thought this was enough or to much.thanks

Depends on your deductions brother. Like PWG said take it to an accountant. He will find things you never ever thought of.

 

[T&Jcustompainting]

well im using a family accountant.but just making sure he knows his stuff. thats how much he told me to put back and i thought it might be a little high.. thanx

 

[Purdygirl]

a little high is better than not high enough!

You'll be surprised how much they take!! *gulp*... I know I was very surprised the first time I had to pay. Ever since I got audited back in 1999 I have paid an accountant to take care of my taxes and the service is worth every penny. Believe me, ya don't wanna get audited... ever!!

 

[timhag]

a little high is better than not high enough!

quote]:yes:

 

[EricTheHandyman]

a little high is better than not high enough!

You'll be surprised how much they take!! *gulp*... I know I was very surprised the first time I had to pay. Ever since I got audited back in 1999 I have paid an accountant to take care of my taxes and the service is worth every penny. Believe me, ya don't wanna get audited... ever!!

Yep, I had to pay directly for the first time this year, and even after all of my startup costs and other deductions, I still felt my heart stop beating for a couple of seconds after the accountant told me what I owed. Set aside every bit that you can. You should also make quarterly payments, even if it's your first year, to avoid late payment penalties.
**keep in mind, I'm not an accountant or tax expert** Find somebody who is and pay them to figure it out.

 

[Brian]

I get paid a regular salary with deductions. My business makes monthly tax deposits and gives me a W2. That makes taxes relatively easy.

Brian Phillips

 

[Dixie Soak]

I learnt to keep every reciept and to pay for as many items as possible through the business account. Then let the accountant decide what is deductable.

New Sunglasses can be claimed as eye protection if you spend enough time driving for example (in Australia anyway).

Hire an expert in TAXATION - thats all i can say! :thumbsup: