Small business accounting is one of the most important things to get right. Without perfect bookkeeping, you’ll never be able to manage your taxes properly, and you could be missing out on some big deductions that can save you hundreds or even thousands of dollars. Thankfully, you can count on the small business accounting experts at Costin & Company, CPA’s in North Ridgeville, OH, to make sure you get all the financial help you need to help your business grow.
Here, the tax experts reveal three significant tax deductions you might not know about:
- Auto-Related Costs: You might already know all about the standard mileage deduction, but did you know that you can also deduct parking fees and tolls you paid as part of your business travel? If you used your car entirely for business, you can also deduct any interest you paid on a car loan.
- Health Insurance: If you’re self-employed and paid for your own health insurance, the amount you paid in premiums is fully tax deductible. This is also true if you paid long-term care insurance for a spouse or a dependent. Just make sure you weren’t eligible to join a spouse’s employer-sponsored plan.
- Lunch & Dinner: You can deduct half of your meal expenses if you had to eat out while traveling for business or while entertaining a client over a meal. Many small business owners overlook this because they don’t hang on to their restaurant receipts. Take notes and save those receipts!
If your business taxes seem too complex to deal with on your own, call Costin & Company, CPA’s in North Ridgeville, OH, at (440) 327-0720 to get the help you need. You can also visit their website for additional information on small business accounting and tax preparation.