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Accounting Tips: File Your Taxes on Time, But Don’t Overlook These Deductions! March 25, 2014

Flatiron District, Manhattan
Accounting Tips: File Your Taxes on Time, But Don’t Overlook These Deductions!, Manhattan, New York

Filing your tax returns is hardly ever an enjoyable process, but it’s something that must be done. The earlier you file, the sooner you’ll receive your tax refund. However the process of filing your taxes can be tedious, especially if you need to file both your personal and business taxes. While this may seem like a daunting and stressful situation, enlisting the help of trusted accountants will help put your mind at ease. Mark’s Bookkeeping Services distributes professional bookkeepers to small and medium-sized businesses in order to record and maintain financial records, allowing you to focus solely on your business.

Tax season officially ends on April 15th, which leaves you with a few weeks to file your taxes. This rush to file often results in missing out on numerous deductions that are easily overlooked, including:

  • Accounting Services: If you’re using an online tax service or having an experienced professional help you in person, you can have the cost of your preparations deducted.
  • Children: If you have children under the age of 13 who have been sent to summer camp or enrolled in after-school programs, you may be eligible for a tax credit, provided both you and your spouse paid for childcare using income you’ve earned.
  • Secondary Home: If you have a second home, the mortgage interest deductions and real estate taxes associated with your primary home also apply to this secondary home.
  • Moving: If you relocated for a job, you may be eligible for certain deductions, such as the cost of moving.

It’s important to file your taxes before the deadline, but make sure you also take your time; otherwise you may miss chances at getting an even bigger refund. When you own a business, managing your finances can become quite a burden on top of all your other duties. With the help of a dedicated accounting firm, you’ll receive all eligible deductions while still having your taxes filed on time. Visit Mark’s Bookkeeping Services online for more information on tax filing assistance.