Your tax bill could be pretty high, depending on your business’s amount of revenue over the year. Fortunately, you can counteract that by writing off some of your expenses as deductions. The more you’re able to deduct, the more money you’ll be able to save. However, while all of your deductions can be considered expenses, not all of your expenses are considered deductible. Consider working with a tax team that knows California and federal tax laws inside out. Here at J.R. Martin & Associates, we can help with all of your small business tax needs.
We can go through your expenses to determine what’s deductible and what isn’t. Accidentally deducting expenses that aren’t deductible can result in fines, which you’ll want to avoid at all costs. Many small businesses fail to deduct expenses that they didn’t realize were deductible, such as business-related lunch meetings or travel costs. Our team will help you identify all potential small business tax deductions so that you can save as much money on taxes as possible.
Not all businesses pay the same tax rate. The amount of tax you’re required to pay on either a federal or state level is dependent on your business structure. For instance, a corporation will be charged a higher tax rate than a sole proprietorship. There are also several types of small business taxes that you will potentially have to pay, including income tax, employment tax, sales tax, property tax, and excise tax. We will help ensure that you’re paying the correct tax and tax rate in full and on time.
Expense tracking is crucial to your ability to write off all deductible expenses. If you’re not keeping track of your expenses, it will become much more challenging to collect the information you need to write them off. After all, you can’t write off an expense that you’ve forgotten about. Our team can implement an expense tracking solution that will make it easy for you to collect receipts, organize expense reports, track time, create invoices, and more, all in one place. By implementing an effective expense tracking solution, you’ll reduce the time it takes to deduct your expenses and ensure that your deductions are 100 percent accurate and accounted for.
Unfortunately, paying taxes and filing your tax return is never as easy a process as it should be. That’s why we’re here to help. We can ensure that you report all possible deductions to save as much money off your tax bill as possible. We’ll also ensure that you don’t deduct expenses that are non-deductible and prevent any harsh fines.