7 Tax Tips for Business Owners
At the Pro Tips: Taxes. What Can I Write Off? Bill Gowie of Barsz, Gowie, Amon & Fultz and Tom McGarrigle Jr. from Brinker, Simpson & Company, shared some insights for business owners.
Check out a few tips for your claims this year, get updated on some tax changes and view other valuable information.
1. Keep your personal and business accounting records separate.
2. Hire a CFO, Controller, or Bookkeeper to assist with the company's accounting needs.
3. To be deductible a business expense must be ordinary and necessary.
4. The Tax Cut and Jobs Act (TCJA) increased restrictions on the deductibility of business meals and entertainment expenses.
5. The TCJA added more adventageous depreciation rules to Bonus Depreciation and Section 179.
6. The TCJA increased depreciation limits for automobiles.
7. Post-Reform 2018 Tax Rules doubled to $2,000/qulialified child, with $1,400 being refundable.
Some More Helpful Information
3/2/2022 06:07:03 pm
I didn't know that business owners needed to know about section 179 in tax code law. I need to get an accountant to help out with my sister's filing this year. I'll have to consider getting a professional to help balance my books.
It's interesting to know that there are increased restrictions when it comes to the deductibility of business expenses. I guess it would be helpful to hire accounting services to help you understand this aspect and prevent any violations as well. It will also be useful for you to actually handle your finances well to prevent being short on budget over time.
1/10/2023 04:06:20 am
Your tax return will be accurate if you keep detailed and accurate records throughout the year. Some claim that poor record keeping might result in you missing out on deductions or, worse, putting yourself at risk for an audit. Some advise investing in a basic accounting software package for any business since it is user-friendly, affordable, and helps you keep track of all your revenues and outgoing costs.
2/6/2023 12:07:49 pm
It has been a hard time for me to file my tax returns but after reading this article it really helps! Thanks for sharing
3/21/2023 03:09:46 am
Thanks for helping me understand that the personal and business records regarding accounts that you have should be separate. I guess working with a tax accountant can help those who have no idea in separating them for their benefit. Doing so will probably get you more money going to your pocket instead of paying for the fees.
4/10/2023 11:27:16 am
Having a CFO does sound important. My wife and I need to get some financial help with the business. I'll have to consider getting a controller as well.
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