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As a small business owner, you may not have the budget to keep an in-house accountant on your team, which means you may be overlooking many tax breaks available to entrepreneurs and small companies.
With 2010 coming to a close and tax season approaching, there are some breaks that you ought to consider before filing.
"When people think of deductions they usually think of inventory, payroll, office supplies, rent and utilities," Nick Rizzi, CEO of Smart Tax, a Brooklyn, New York, tax preparation company, told Lawn and Landscape Magazine.
“What they don’t think of are the smaller things," he added.
Rizzi suggests that small businesses cash in on expenses such as work related mileage, especially when incurred by a personal vehicle. In order to do this, however, small businesses need to pay particular attention to their travel and keep detailed logs. Small business owners can also take advantage of "smaller things" such as taxbreaks set up for asset deductions and building improvements.
Another benefit companies can take advantage of is to max out retirement contributions before year-end, and sell any stocks or other capital assets, according to KPVI-TV.
This article is brought to you by Vcorp Services – Vcorp offers executives, attorneys, accountants, and entrepreneurs an extensive suite of services including entity formations, state filings, document retrieval, tax-exempt filings, UCC filings and searches, 501c3 filings and more. www.vcorpservices.com
With 2010 coming to a close and tax season approaching, there are some breaks that you ought to consider before filing.
"When people think of deductions they usually think of inventory, payroll, office supplies, rent and utilities," Nick Rizzi, CEO of Smart Tax, a Brooklyn, New York, tax preparation company, told Lawn and Landscape Magazine.
“What they don’t think of are the smaller things," he added.
Rizzi suggests that small businesses cash in on expenses such as work related mileage, especially when incurred by a personal vehicle. In order to do this, however, small businesses need to pay particular attention to their travel and keep detailed logs. Small business owners can also take advantage of "smaller things" such as taxbreaks set up for asset deductions and building improvements.
Another benefit companies can take advantage of is to max out retirement contributions before year-end, and sell any stocks or other capital assets, according to KPVI-TV.
This article is brought to you by Vcorp Services – Vcorp offers executives, attorneys, accountants, and entrepreneurs an extensive suite of services including entity formations, state filings, document retrieval, tax-exempt filings, UCC filings and searches, 501c3 filings and more. www.vcorpservices.com
About Vcorp Services LLC
Vcorp Services assists in the creation of new businesses and helps maintain existing businesses in
all 50 states. Quick, accurate and at the lowest rates, Vcorp's knowledgeable and experienced staff
has helped form thousands of new businesses including: LLCs, S-Corporations, C-Corporations,
Partnerships, Non-Profits and Professional Corporations. Vcorp works with entrepreneurs, legal and
tax professionals, as well as real estate experts to set up and maintain businesses across the
country. Vcorp also specializes in helping small businesses to get started, grow and remain in
compliance with federal and state regulations.