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Posted by L. James & Associates LLC

Taking Care of Your Business Expenses

Taking Care of Your Business  Expenses

Finding the right deductions that can save you a ton of money during tax season is a great goal to have as a business owner. You don’t want to come up with a big amount at the end of the tax year, but most business owners don’t have the time to find out about some of the best business expense deductions and most of them have no idea that there are so many available for them to choose from on their tax return. But if you are able to keep accurate records and hold onto your receipt throughout the year, the professionals at Todd Koscinski will be able to help your business find all of these deductions in no time. Don’t spend more at tax time than you have to; let our professionals find the deductions that you deserve to save you the most money this year.


Employee Pay

 

You pay your employees to help make your job easier. You are not able to be at the business 24/7 and you cannot do all of the work on your own. With employees, you are able to help out the customer so much easier than before, saving a lot of time and ensuring that your customers are going to come back and give you more business in the future. But the cost of employees can be expensive. You may want to offer them a great wage so you can get some of the best in the industry. You will often offer some benefits like health insurance, retirement, and paid time off. All of this is going to add up to be a lot of money for your business.


Luckily, there are some deductions you are able to claim for paying your employees. The professionals at Todd Koscinski will be able to take a look at your employee pay and benefits and determine how much and if you are able to get this kind of deduction. Most businesses with employees are able to do so and this could save a ton of money.


Rent Expense

 

There are a lot of expenses that come to fruition when you are running a business. Whether your business is big or small, you are always going to be in charge of paying a lot of expenses. One expense that you may have to deal with, unless you own the building you are working in, is the rent. Depending on your area, you may be able to find a place that will rent out at an affordable rate or the rent could be a lot higher. Either way, this is going to be a big expense each month that you will have to take care of.


The professionals at Todd Koscinski will be able to help you learn out how to deduct your rent on your tax return. While you are not going to get your full amount back at the end of the year, it is going to help to lower your tax bill a little bit and will put more money back in your pocket. Make sure to contact our professionals right away to ensure that you are getting the most out of this deduction.


Insurance

 

Insurance can be expensive. Whether you are paying for health insurance for yourself or your employees or you need insurance on your business, you are going to hand over a lot of money to get these benefits. As a business owner, you will be able to deduct some of the cost from your insurance at the end of the year. This is going to save you a lot of money. The IRS wants to reward you for helping out your employees with the health insurance. You will also be able to cut out the expenses that the IRS is imposing for not having insurance so that can save you money as well.


Interest

 

There are some forms of interest that you are going to be able to deduct as a business expense when it comes to your tax return. You do really need to be careful with this though as you could get into a lot of trouble if you start deducting just anything with this expense. Usually the interest payments are saved for things like mortgage payments. If you own the building that you are working from, or you are using a home office, you may be able to deduct some of the interest that you are paying for that mortgage every year.

Understanding which interest payments you are able to deduct for your business as well as how much you can take off can be a challenge for most business owners. Rather than leaving it to chance, make sure to call in the professionals from Todd Koscinski to help out. Our professionals understand business taxes inside and out and will be able to take care of all your questions and your tax issues in no time.


Taking care of your business should be your first priority. While everyone seems to want your attention and there are always lots of things that need to be done, you need to be the business owner first and foremost. Let Todd Koscinski from Todd Koscinski in Waterford, CT help you out with all your business tax needs. Whether you need help with bookkeeping, understanding your business expenses, or something else, our professionals are here to help you every step of the way. Contact us today to get started.

L. James & Associates LLC
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