Existing Business Resources
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.
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