Tax Deduction Consulting: Small Business Deductions Manchester NH
Sterling Financial Services, LLC
Education: B.S., University of Bridgeport;MBA, Southern New Hampshire University;Advanced Certificate in International Business;Series 24 Registered Principal License;Series 7 and 63 Securities License;NH Health and Life Insurance License
Years of Experience: 26
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Tax Deduction Consulting: Small Business Deductions
Small Business Deductions
Taxes are the great bane of most small businesses. Alas, small business deductions act as a salve to cool the burning and itching of your bank account.Small Business Deductions
The tax system in the United States is an undeniable mess. With tens of thousands of pages of laws and regulations, the phrase cruel and unusual comes to mind when it is time to pay your taxes. President Jimmy Carter called the system a disgrace to the human race. Albert Einstein said the tax system was the hardest thing to understand in the world, much harder than physics. The system is such a mess, that some large corporations file one tax form every four minutes! The only way to fight the good fight against taxes is to understand and maximize small business deductions.
Business taxes can be summarized simply as calculating your total revenue, reducing this amount by as many deductions as you can and then paying tax on the remaining amount. Obviously, this represents a major simplification, but I offer it highlight the importance of deductions. They act as your lifesaver when you are floating in the ocean of tax codes and regulations.
Most people get caught up in the finite issues of small business deductions and miss out on various claims. To this end, it is important to understand the theme for deductions for small businesses. When considering whether an expense is a deduction, you should ask yourself the following:
1. Did it occur as part of my small business?
Many people ask for a more specific of an "ordinary" expense. Alas, the tax code is vague, but this typically means an expense that another business in your industry would also claim. Admittedly, it is a vague term, but you will just have to determine how comfortable you are with claiming the deduction.
The second area people get confused with is the "necessary" element of the test. Alas, the IRS ...