Quarterly Newsletter

September 1, 2017

- TAX TIME TIPS

Commonly Overlooked Deductions in
the Small Business Arena

So, this was the year you did it, you
This Photo by Unknown Author is licensed under CC BY started a business. The
government allows a one time
$5,000 write off for start up
expense.
With technology always on the
forefront, we here at Taxing [THE WEEK AHEAD]
Don’t forget you travel expense, we are talking
Solutions are thrilled to announce about your car…running to meet a client? Log
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Health insurance premiums, these are 100%
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you can access and manipulate accounts,
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and record keeping is vital to ensure
relationships or information related to your
account by simply picking up your phone. By you are in compliance and do not endanger your
taking a photo of your QR code you will magically small business with penalties or liens.” (Lynch)
be taken directly to your account with us. You will Still in a pinch? Consider a savings plan like a
find all your relationships are readily accessible in 401-K or Simple IRA.
neat easy to understand format. Statements, end
of month reports, payroll – it’s all here. Satisfy
your every thought or desire with all the And Personally
information we capture, make changes and report Ask your employer to disburse your bonus in
directly to your accounting team. This puts the January! You don’t pay taxes on money you
world at your fingertips and allows you the don’t have.
freedom and accessibility wherever you are. Change your withholding allowances this will
QR codes for each client will be delivered by a allow you to not be put in a position to pay as
taxing solutions team member within the next much in the future.
month. Have outstanding insurance or damage claims?
As an example we have included a QR code at the Settle them now to maximize your casualty loss
top of this article, for you to check out. Simply deduction this year.
scan the code with your phone by taking a photo Energy savings improvements to your home may
and viola’ you will be taken right to your specific qualify you for “nonbusiness energy property
account and will be able to access everything from credit”
reports to forms, correspondence you have
previously sent, receipts and you can even If your marriage ended: Alimony is deductible by
communicate directly with your team. We the payer and taxable income to the recipient; a
encourage you to try it out and take a step into property settlements are neither deductible nor
tomorrow. taxable.
-JL
Resources:
What is QR code (quick response code)? - Definition from WhatIs.com. (n.d.). Retrieved July 26, 2017, from
http://whatis.techtarget.com/definition/QR-code-quick-response-code

https://quickbooks.intuit.com/r/taxes/5-keys-to-a-successful-relationship-with-your-tax-accountant/

D'Avolio, C. M. (2016, December 12). Smart Tax Tips for Your Self-Employed Clients. Retrieved July 29, 2017,
from https://www.accountingweb.com/tax/business-tax/smart-tax-tips-for-your-self-employed-clients

Lynch, S. (2014, December 17). 25 Small Business Experts Reveal Their Top Tax Tips for Small Business
Owners to Get Bigger Tax Breaks. Retrieved July 29, 2017, from http://blog.directcapital.com/business-
insights/small-business-tax-tips/

Pretsfelder, C. M. (2016, December 16). 2016 year-end tax-saving tips for individuals. Retrieved July 29, 2017,
from https://www.accountingtoday.com/opinion/2016-year-end-tax-saving-tips-for-individuals