10 Business Tax Deductions You Should Be Leveraging

Tax Day is still a few months away, but you shouldn’t wait until it’s time to file your taxes before thinking about the deductions that can be used for your business. Are you leveraging the business expenses correctly to take advantage of the available write-offs? One of the benefits of having a small business is that you can deduct certain expenses that are necessary for your business efforts. It can be hard to keep up with all these transactions, which is why you might consider leveraging the services of an outsourced accountant for assistance.

How Tax Deductions Work

A tax deduction, also commonly known as a business write-off, is particularly useful for small business owners and anyone self-employed. Whether you have a small side-gig at home or you are working full-time on a start-up, you can manage your tax burden by deducting expenses that are spent on business costs. Even if you are a W-2 worker and earn income from an employer, you can still write off any expenses related to business efforts outside of your employment.

This process lowers the income on paper, showing a reduced taxable income when it is time to file your taxes. As a simple example, if you collect $100,000 in a given year through the business, but you spent $20,000 on business expenses, then your taxable income for the year would be $80,000.

The IRS has a detailed tax code, which includes allowances for small business owners and self-employed workers to write-off business costs. If you are spending money that is required for your business, then it can likely be listed as a write-off. The best way to ensure that you are following the rules is by hiring an experienced tax accountant for tax preparation and filing. For example, an outsourced accountant will help you in determining the expenses that qualify as tax deductions. The goal is to maximize the write-offs as much as possible, while staying within the guidelines set by the IRS.

IRS Guidelines for Business Write-Offs

The IRS allows deductions for anything that can be categorized as a “reasonable business expense.” A few specific guidelines are in place to help you determine if your expense can qualify as a deduction:

  • The cost is related to your business directly
  • The expense is necessary and ordinary
  • The amount spent is reasonable

Examples of Tax Deductions for Your Business

Here are some of the most common tax deductions that are used by small business owners:

  1. Health Insurance Premium: Most people who are self-employed need to pay for private health insurance. Since you don’t have an employer to provide health care support, you can write off a portion of your insurance premiums.
  2. Vehicle Mileage: Track your miles throughout the year because a per-mile deduction can be used on your taxes. These driving miles need to be related to your business. For example, if you drive to the bank or you are driving to meet a client, then those miles can be included on your log for the year. Your commute to and from work does not count as deductible mileage.
  3. Home Office: Do you work from home? A portion of your rent/mortgage, utilities, and more can be written off as tax deductions. It is important that you have a dedicated space for business activities. Additionally, it needs to be the primary place where your business is operated. Then, this square footage can be calculated based on the overall size of your home and the associated monthly expenses.
  4. Professional Fees: Hiring an accountant or lawyer for assistance with your business can be a tax write-off. Any legal or professional fees that are paid for business purposes fall into this category. For example, if you hire an accountant to assist with tax preparation, then the cost of the accounting services can be included in your list of expenses for the year.
  5. Retirement Savings: Self-employment tax deductions can be used if you contribute money into a retirement savings account. The numbers vary from year to year, so the best solution is to work with your accountant and a financial advisor to determine the amount that can be deducted. Your financial team can also provide guidance regarding the most effective way to invest this money. Options include 401(k)s and IRAs.
  6. Startup Costs: Getting a business off the ground can be expensive. Not only are you putting money into product development, hiring employees, and office supplies, but the marketing and initial costs can add up over time. Keep track of all of these expenses so you can use them as tax write-offs.
  7. Bad Debt: Do you have uncollected money from customers? When accounts receivable turns into bad business debt, then it can be used as a tax deduction. In this situation, you need to have documentation proving that you took reasonable steps to collect on the invoice.
  8. Travel and Food: When you are taking a business-related trip, keep track of the expenses incurred for airline tickets, car rental, taxis, hotel fees, and more. You can’t write off personal vacations that aren’t related to business. But there are times when you can travel for business to leverage the write-offs, while still having a bit of time for entertainment or personal activities.
  9. Charitable Donations: Donating to a charity of your choice is a great way to feel good about giving back to the community. Additionally, these donations can be used as tax deductions as well. The rules change depending on the type of donation, the recipient, and the amount that is donated, so talk to your accountant for more information.
  10. Continuing Education: Most business owners need to continue learning to stay relevant in the industry. If you pay for work-related education, then those costs can be used as tax deductions. Examples include tuition, lab fees, books, supplies, transportation to the classes, and any other expenses related to your participation in the classes. For these expenses to qualify, the classes need to “maintain or improve skills needed in your present work.”

Tips to Maximize Your Tax Write-Offs

As you can see, there are many ways you can increase your tax deductions each year. But it takes work and organization to ensure that you are taking the write-offs your business is entitled to. Taking as many deductions as possible can help to lower your taxable income, which in turn reduces the amount that you will be paying in taxes each year.

Are you leveraging the write-offs for your business? Here are a few tips to follow so that you get the best results possible with your tax deductions:

  • Good Bookkeeping System: It is essential that you are keeping track of all of your business costs. In order to utilize the deductions, you need to know where the money is going. Use a bookkeeping and accounting system to record every transaction that moves through your bank accounts and credit cards. You need to have specific details about the amount of money that was spent, how it was spent, as well as documentation to back up the spending. The IRS won’t accept estimates, and you might need to verify the write-offs if you are audited in the future.
  • Check the Requirements: Talk to your accountant about specific requirements that need to be met for the deductions. For example, you should keep copies of the receipts when purchases are made. You can file these paper copies in a folder for each year. Or, consider a digital system with scans or photographs of the receipts for easy reference. Other requirements include logs or tracking information, such as a mileage log that records the odometer, purpose of the driving, and the number of miles traveled. This documentation does not need to be filed with your tax return, but you need to have it available in case there are questions about your filings in the future.
  • Simplify and Outsource: You can spend your time filing receipts and recording the transactions, but these busy-work activities are a waste of time when you can hire an outsourced accounting team to help. As a busy business owner, you shouldn’t be spending your limited hours on tasks that can be handed off to the experts. Instead, focus on your strengths and skills, and let the pros handle the number crunching and reporting for you. Outsourced bookkeeping and accounting allow you to focus on your business without getting behind on the never-ending paperwork and admin tasks.

When it is time to file your tax return, your accountant will help you claim the write-offs in the correct Schedule C section of your 1040. As this information is compiled, make sure you have open communication with your accountant regarding the rules around the deductions you are planning to take. An experienced tax accountant can provide valuable advice to help you avoid problems with the IRS in the future.

Easier Accounting is Here to Help

Are you ready to maximize your tax deductions for your upcoming tax filing? Our team at Easier Accounting is here to assist. Not only can we help with your current tax prep, but we can also create a system to ensure that you aren’t overlooking important deductions in the future. Call to learn more about available accounting services: (888) 620-0770.

Tax Deductions to Consider for the Last 3 Months of 2018

This year has flown by, leaving many people surprised that we are nearing 4th quarter. How did your business perform during the first three quarters of the year? What are the tasks that need to be addressed before you finish up 2018?

As we start into the fourth quarter, it is a great time to assess your business efforts and identify areas of improvement. The best thing that you can do is tap into the resources that are offered by business professionals who can help with your goals.

What Support Do You Need in 4th Quarter?

Here are a few ideas of outsourced professionals that can help you end the year on the right note:

  • Accountant: Evaluate the books to determine any expenses that should be covered before the year closes. Look at potential tax deductions to help with the management of your tax burden for the year. We will discuss this in more depth later in this article.
  • Lawyer: Is it time to restructure the business? Whether you are changing the way the entity is structured or you are looking for ways to improve your contracts, don’t hesitate to bring in the services of a legal team. You can find a local lawyer who can assist with your efforts. Or, look at online services such as Legal Zoom and more.
  • Business Coach: Sometimes, goals are just out of reach because you are having a hard time seeing things from a different perspective. A coach can be a valuable asset to help you identify systems that are no longer working. Changing a few of your habits and systems can make a big difference to boost your profits during the holiday season.
  • Marketing: If you want to maximize sales when consumers are shopping for the holidays, then make sure to utilize the services of an experienced marketing team. There’s no reason for you to spend time trying to figure out the best strategies. Instead, tap into the services that are offered to bring more customers to your website.

As you can see, there are many different focuses that you might choose for the last four months of the year. There’s no question that the financial health and organization of your company should be the top priority. Once you have the right financial system in place, then you will know how much cash flow is available to support the other services that are needed to help your company grow.

Why Tax Write-Offs Before the End of the Year?

It is common for business owners to procrastinate tax strategies until the tax deadlines are looming. But, the truth is that right now is the best time of year to evaluate your situation so that you can manage your spending before the year ends.

For example, if you’ve had strong sales numbers in 2018, then it means that you might be facing a higher-than-normal tax bill when Tax Day rolls around in April. While it is great to have high numbers for the year, it can be debilitating to face the expensive taxes that need to be addressed. Work with your accountant to find the right strategy that might offset the taxes that are due.

One of the best strategies is to invest money into things that are needed for the business. If that transaction goes through by December 31st, then it can be used as a deduction for 2018. You shouldn’t be spending money for no reason. But, with a good strategy, you can get access to the equipment and services that are needed for your company, while managing your tax bills at the same time.

Overview of Business Taxes

The most effective strategy to ensure that your taxes are filed correctly, and on-time is to hire an experienced accounting team to handle the work. You should be spending your time on other business activities, instead of trying to decipher tax law and crunch the numbers. Outsourcing these services can be a powerful way to boost your long-term results. The key is to make sure that you hire an experienced team who understands the most effective strategies to use for your business.

Tax planning should be an ongoing process, which means that you need to talk to your accountant more than once a year. Not only do tax laws change regularly, but it can be a burden to keep up with the rules and regulations that apply to your industry. Even though you will be spending money on the accounting services, you will actually save money in the long run by reducing your tax burden.

There isn’t one flat tax that needs to be paid by your business. Instead, a variety of taxes need to be evaluated. Your accountant can talk to you about the paperwork and calculations that are required for all of your financial needs:

  • Personal Taxes: You need to pay income tax on the money that comes into your household. If your business is structured as a sole proprietor, then your personal taxes will be completed along with the business deductions and income. Other applicable taxes include those associated with your personal property and your house. These taxes need to be considered on a local, state, and federal level.
  • Self-Employment Taxes: In addition to the income tax calculations listed above, there are a few things that need to be considered for self-employment taxes as well.
  • Business Income: If your company is structured as an entity, then there might be business taxes assessed by the federal government. Talk to your accountant and lawyer about the structure of your company and how to determine the taxes that apply to your circumstances.
  • Payroll Taxes: When you have employees on payroll, there are specific taxes that need to be managed with payroll processing. Not only do you need to calculate the right deductions from the employee paychecks, including Medicare and social security. But, you also need to calculate the company’s burden as well. Then, regular payments need to be made to the government. The timing of these payments varies on the size of your company and the number of employees.

Possible Tax Deductions for Fourth Quarter

If you experienced higher than anticipated profits this year, then an effective tax planning strategy is to speed up the timeline for purchases that are scheduled for next year. Shifting the timing of these purchases can help to offset the tax burden in the current calendar year, giving you more time to figure out your strategy for 2019.

On the other hand, if your revenue was lower than anticipated, then you might hold off on certain expenses until the New Year. Since your tax burden will be lower than normal this year, it might be beneficial to wait until January before putting money into equipment and other costs that might be needed for your company.

Keep in mind that a dollar spent rarely equates to a dollar that is saved on your tax bill. So, it doesn’t always make sense to come up with artificial expenses in an effort to reduce your tax burden.

Here are some of the expenses that might help with your deductions this year:

  • Computers, Cell Phones, and Other Electronics: Staying up-to-date with your equipment is essential so that you don’t run into problems due to outdated electronics. You might watch the Black Friday sales to find discounts on laptops or cell phones for your office staff. Everyone will be glad to have the upgrades for their equipment, and you will be glad to take advantage of the write-off before the end of the year.
  • Retirement Contributions: Certain retirement accounts allow you to set money aside tax-free. Talk to your accountant about potential retirement strategies that can be used.
  • Furniture: If your office furniture is outdated, then it might be time to invest in a new style. First-impressions matter when customers come to your office. So, you should always be sure that you are creating a good impression with interior décor that is trendy and welcoming.
  • Office Supplies: Are you running low on printer paper or pens? Put in your order at the local office supply store before the end of the year. Also, look at other expenses that might be needed, such as a new printer, filing cabinets, and more.
  • Software and Digital Subscriptions: We live in a digital world, making it hard for any business to avoid ongoing subscription services. The truth is that these tools can be helpful when you find the right services needed for your company. Don’t be shy to invest money in training courses as well as monthly subscriptions that are necessary for your business model. Examples include accounting programs, design software, stock photos, and more.
  • Insurance Coverage: A good insurance policy can go a long way to protect your company in times of emergency. Review your insurance coverage to see if anything needs to be changed to increase your coverage.
  • Travel and Entertainment: If you are thinking about attending an industry conference, then right now might be the perfect time to book the flights and hotel rooms. A portion of these expenses can be written off on your taxes.

What questions do you have about your business tax strategy? Talk to us at Easier Accounting for personalized recommendations. We are here to answer your questions: (888) 620-0770

Legal Deductions to Reduce the Tax Burden on Your Business in 2018

Taxes don’t have to be difficult! When the topic comes up among small business owners, many people automatically think about stressful paperwork and unreasonable fees. Do you feel overwhelmed when it is time to file your taxes? Then it means that you are doing things wrong. Instead of carrying the burden by yourself, it is better to hire an accounting professional to handle the details.

People often assume that taxes are complicated. But, your accounting team can help to simplify the process, making it easy to maximize your deductions so that you can minimize your tax burden. The right strategy is necessary to support your business goals and improve the results that are available for your company.

Whether you are in the early stages of starting a company or you are going through growing pains as the business expands, an accounting team can support your financials during this time. We can put together a solid tax strategy, so that you have complete financial information whenever it is time to make big decisions for your business.

It is important that you take control of your financial tracking and documentation. Then, use these details to leverage your deductions in a legal, effective way. This documentation will back up the tax paperwork that is filed, so that there aren’t any discrepancies if the IRS comes to do an audit.

At Easier Accounting, we understand the tax laws. As a result, we can help you know the best ways to leverage your tax filing, giving you legal options to manage your tax burden. These savings can add up over time, helping to boost the profitability of your company.

Here are some of the legal strategies that you might use to minimize tax burden:

Understand Possible Deductions and Track Your Spending

Look at every penny that you are spending which could be a related business expense. If you are spending money on services, equipment, or supplies that are used to help your business efforts, then those costs can be added to your list of expenses for the year.

One of the biggest mistakes made by small business owners is that they don’t track some of the small expenses that go into running their company. Whether you have a home-based business or a nearby office, it is easy to overlook some of the costs that come from your personal bank account. For example, taking a client out to lunch should be charged to the company, but it is easy to forget that expense and put the meal on your personal credit card instead.

Talk to your accounting team for a detailed list of things that can be written off. You can also find a list of potential write-offs on the IRS website. Each time you spend money on items for the company, make sure to document the spending and record the transaction in your accounting software. The data entry won’t be enough; you need to make sure to keep a copy of the receipt as well.

Even the smallest deductions can add up over time. If you saved receipts that averaged $5 per day, it could add up to $1,825 in deductions over a year! That money is better spent on business development. Or, put the savings into an untouched bank account for your emergency fund.

Use a Good Accounting Software

The most effective way to track your expenses is with a digital, cloud-based software. Gone are the days when hand-written ledgers were sufficient to run a company. Now, you need a software that will help with quarterly tax calculations, ongoing expenses, invoicing, payroll and more.

If you are behind the times and you haven’t implemented an intuitive software yet, then right now is a great opportunity to explore your options. Talk to our team to learn more about the recommendations that we suggest for your company and industry. We have experience working with a variety of small businesses in many different industries. This first-hand experience is a great way for us to offer suggestions that are based on first-hand results. We know what works, and we will always guide your company in the right way.

Be Creative with Employee Raises

Do you have employees who deserve a bonus because of outstanding performance? If your company is thriving, then it might be tempting to offer raises or bonuses for everyone. While these rewards can be a good way to say “Thank You,” you also need to consider the tax implications for yourself and your employees.

When the employee salary goes up, then you need to add in the additional expenses that are required for employment taxes and income taxes. On the other hand, certain types of benefits don’t need to be taxed. If you choose to host a company party, then employees won’t need to pay taxes on the bonus. Or, you might contribute more to the employee’s retirement fund or health insurance costs, helping to offset their out-of-pocket expenses without incurring the tax fees.

These creative bonuses will enable you to leverage the money that you are spending more effectively. Spend the cash on items that can be used as tax deductions, while minimizing the amount that you will need to spend on employment taxes.

Home Office and Business Expenses

It is common for small businesses to start in the guest room or garage of the owner’s home. In this situation, dedicate the space for business efforts. Then, you will have the option to write-off a portion of the costs of maintaining the household. The IRS requires that the area is devoted to your business, so you need to make sure that you aren’t using the room for both personal and business efforts.

Your accountant can help you with write-offs for the square footage that is used (as a percentage of your home), as well as the utilities that are related to maintaining the space. Don’t overlook other costs that might be incurred, such as cell phone use, internet costs, computers, office equipment, and more.

Many times, home-based businesses also have a greater need to spend time in the car for business purposes. Whether you are driving to the bank or going to meet a client for a consultation, make sure to track those miles. These expenses can help with the deductions that will minimize your tax burden when it is time to file your tax paperwork.

Put Together a Tax Plan with Your Accountant

Throughout the year, you need to be looking at anticipated profitability for the business, so that you know what to expect when it is time to file your taxes at the end of the year. If you aren’t tracking the numbers, then it increases the likelihood that you will face a few big surprises when it is time to file your taxes.

Lack of planning can lead to tax bills that are higher than you anticipated. Not only will it cause a strain on your cash flow. But, the tax costs could have been minimized if you leveraged the right deductions for the year. The only way to dial in these strategic deductions is by following a tax plan that was created by your accountant.

This strategy can be customized to match the needs of your company. You can evaluate the upcoming costs and anticipated income. Then, you can be strategic with the purchases of equipment and property to maximize the tax benefits that are available. Timing these purchases can help with the cash flow and tax burden on a year to year basis.

One strategy that you might consider is structuring the way the money is saved after it comes into your bank account. Instead of leaving the cash in the account to be spent on a whim, have a strategy that helps you save for upcoming taxes and potential expenses. You might have 10% that goes to savings, 30% for taxes and miscellaneous fees, and 10% that goes towards product development.

If you have the cash flow available, consider spending 10% on charitable giving. These funds can be used as tax write-offs for your company. Not only will you feel good about supporting your community, but the charitable gifts can also help to minimize your tax burden at the same time.

Talk to the Experts in the Industry

Is it time to improve your business tax strategy? Don’t leave money on the table by overlooking potential deductions that could be used for your tax filing. At Easier Accounting, we are dedicated to offering custom services to our clients. Talk to our team to learn more about how our packages can be catered to match your business needs.

Our team at Easier Accounting offers much more than just tax filing. We strive to support your business goals by providing financial insights and strategies that will help your company grow. We invite you to contact us to learn more about the ways that we can help your small business. We are always here to answer your questions and offer the support that you need: (888) 620-0770

Small Business Owners: Manage Your Tax Burden by Leveraging These Deductible Expenses

There are many advantages of self-employment. Not only do you have the flexibility to make your own schedule, but you can also manage your finances in a way that will minimize your tax burden. If you are spending money on anything that is related to your company, then it is important that you are working with your accountant to write off the applicable expenses.

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How do you know which expenses are deductible? Your accountant can provide specific insights to help you include all of the transactions for your business. This professional financial advice will ensure that you are following the IRS rules. Here are some of the main deduction categories that shouldn’t be overlooked:

1. Home Office Space

If you want to deduct a home office, you need to make sure that the space is dedicated to your work activities. The work area needs to be dedicated to your business and nothing else, creating a clear line between business and personal activities.

You don’t necessarily need to use a full room for this deduction. But, if the room is shared with any personal activities, then you will need to calculate the work area compared to the overall space. The best way to figure this calculation is to determine the amount of space used for work, and figure out the percentage compared to the overall square-footage of your home.

Once you have determined this percentage, then you can calculate the portion of your mortgage, rent, utilities, insurance, internet costs, and other household expenses that should be included on your tax claim.

2. Furniture and Equipment

Whether you are buying a new computer or you need a desk to use in your home office, these expenses can be deductions on your taxes. Since the purchase is for business purposes, there is no doubt that they are necessary to keep your company running.

But, like the home office space, there is a fine line to show that the furniture purchase is for business purposes. For example, if you have the family computer in your office and there are kids in the house, then the IRS could potentially ask whether you are using your business computer for other family activities. Instead, it is best to set up the family computer in a different location and use your company computer only for business-related activities. Regardless of IRS tax rules, this is a good idea anyway.

There are two methods that can be used to deduct furniture and office equipment:

  • Take a 100% deduction the year that the purchase is made
  • Depreciate the purchase by deducting a portion of the expense for several years

Your accountant can help you choose the deduction method that will work best for your situation. The simplest solution is to take the full deduction when the purchase is made. But, there are times when it might make sense to use the depreciation method instead.

If you use depreciation for furniture, then the deductions will be split out over a period of seven years. In the case where depreciation is used for electronic equipment, such as computers, scanners, and copiers, then the depreciation is used over a period of five years.

3. Office Supplies

In addition to the big expenses for computer equipment and furniture, there are often other office supplies that are needed for a small business. Whether you are buying stamps to mail out invoices or you need more printer paper, these expenses can be used as deductions.

Any time you purchase office supplies, keep track of the details so that you can ensure that it was a business expense instead of a personal purchase. Hold onto the receipt and make sure that the transaction is recorded in your accounting software.

If you have a receipt that includes both business and personal spending, then you will need to calculate the portion of the cost specifically related to office supplies. The best solution is to have two separate transactions so that you have different receipts for business and personal.

4. Subscriptions and Software

Most businesses utilize some type of software for accounting or other business-related tasks. These software expenses can be deducted from your taxes. These transactions might be in the form of a one-time upfront payment to purchase a software. Or, many software companies are going to subscription-based payment systems that require a monthly or quarterly payment.

What other subscriptions do you have for your business? These subscriptions might include everything from magazines for your clients to read while they are waiting, or a delivery service that provides copy paper and ink on a consistent basis. Anytime you are paying a recurring fee, make sure to track the expense so that you don’t miss out on the tax deduction.

5. Insurance Costs

If you are self-employed, then you are likely paying for your own health insurance, long-term care insurance, and life insurance premiums. These monthly costs are 100% deductible on your taxes.

There are some limitations that your accountant will need to help you avoid though. For example, if you have a small home-based business, your profits will need to exceed the amount that you are writing off for your insurance premiums.

Also, if you were eligible for other health insurance, such as a plan through your spouse’s job, then you aren’t allowed to write off the full amount of independent insurance costs. That being said, if your spouse also worked for your home-based business in addition to their full-time job, then you can deduct the spouse’s premiums that were deducted from their paycheck.

If you choose to deduct the cost of premiums for your spouse’s insurance coverage, then you need to ensure that equal coverage is available for all other employees.

Talk to your accountant about your individual situation to ensure that you are following the guidelines set by the IRS for insurance premium deductions.

6. Travel and Entertainment

There is good news if you are traveling for business because the travel-related expenses can be used as deductions. But, you need to make sure that your trip is business and not personal entertainment. When you are heading somewhere on a business trip, the full expense of your hotel or accommodations is tax-deductible. You can also write off all of the cost of travel, including the plane ticket, rental car, taxi fees, and more.

Other costs of life on the road can also be fully deducted, such as tipping, dry cleaning, or any other costs that might be essential for daily living.

When it comes to meals and entertainment, you can only take a 50% deduction on these expenses. Keep the receipts, and make sure to record down how the meal related to your business efforts.

7. Car Mileage

Make sure that you are tracking your mileage every time you get in the car for business purposes. If you drive for business, then those miles can be written off. The car trips could be for anything related to your company, including a visit with a client, a trip to the bank, or driving to a conference or event.

You need to keep documentation of your mileage. Put a notebook in your car where you record the date, mileage, and the purpose of the trip. At the end of the year, you have two options to write off the mileage on your car:

  • Total the mileage, and your accountant can do the math based on the annual mileage rate. In 2016, the rate was 54 cents per mile. In 2017, the rate is 53.5 cents per mile.
  • Calculate the percentage of time when the vehicle is used for business purposes vs. personal driving. Then, use that percentage to deduct a portion of your payment, repairs, gas, and insurance.

When you have a home-based business, the mileage can start from the moment you pull out of the driveway. If your business is based in an office, your mileage starts when you leave the office to your off-site destination. With an office-based business, you cannot deduct the drive from your home to the office and back.

8. Contributions to a Retirement Account

Certain types of retirement accounts can be tax-deductible, giving you the benefit of shielding some of your income in a given calendar year. Talk to your accountant for suggestions about the type of account that you should be using. Then, set up an account and make contributions to that account throughout the year.

These contributions can be deducted on your personal income tax return if the contributions are made to a qualifying retirement account.

Get Expert Advice from Easier Accounting

Are you interested in learning more about how you can maximize your tax deductions this year? It is important to have an experienced accounting team help you with your tax filing and ongoing bookkeeping systems.

For more information about our first-rate accounting services, talk to our team here at Easier Accounting. We are focused on accounting services for small business owners, giving you the benefit of working with an accounting team that truly cares about you and your company.

For more information about the services that are available, we invite you to contact us right away: (888) 620-0770