More Must Read Accounting Articles for Small Business
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One of the reasons having a good accounting software is so important for a small business (whether or not you have an accountant) is helping you to get ready for tax season. Accounting software like WorkingPoint allows you to stay on top of recording all of the finances of your business so you and/or your accountant can figure out how to give the most accurate financial picture to the IRS.
Do you know what you can deduct? Are you keeping all of the documentation necessary to track those deductions? Whether or not you have an accountant, or even use accounting software, it’s in your best interest to to stay on top of tracking all of your accounts to present the most accurate fiscal picture of your equity, inventory, profit and potential deductions you may be able to make!
How Wikipedia describes Tax Deductions related to Business Expenses:
“Nearly all jurisdictions that tax business income allow tax deductions for expenses incurred in trading or carrying on the trade or business. Technical details of the allowance vary, and may be very general or very specific. The amount of particular deductions may be limited based on character or amount, or deductions in aggregate may be limited or reduced.”
Even if you have an amazing accountant it’s up to you to keep track of where and how you are spending money on your business. So how do you know what you can “write off” in relationship to running your business? What’s important to keep track of, and what do you need to prove? The following list of articles is a must read to understand Small Business Tax Deductions and your business!