After the holidays are over, many taxpayers find themselves busy preparing their taxes. However, before that time comes, it is best for taxpayers to consider how they can save their money. Here are some tips to help you maximize your tax refund:
Claim the home office deduction. This deduction is often skipped, typically due to the misconception that a business owner is more likely to be audited if they do claim this deduction. This, however, is not true as long as the deduction is done correctly. In order to claim this deduction correctly, you must determine the amount of space in your home is used for your home-based business.
Claim your business supplies. Whether this may be supplies that are essential to properly run your business, or the furniture you have purchased for your home office, these business expenses can help to increase your tax refund. These deductions also include furniture and supplies that you may have purchased during that year, such as computers, fax machines, and copiers.
Claim business-related travel expenses. From hotel accommodations, gas mileage, car rentals, parking expenses, and meals, any business-related travel expenses are tax deductible, but they must meet certain requirements in order to qualify.
Claim expenses related to your health insurance. When spending money on your personal health insurance premiums, you are able to deduct your medical premiums, however, there are certain requirements that you must meet in order to correctly deduct such expenses.
It is best to speak with your certified public accountant before claiming any business-related deductions in order to ensure that you are doing so correctly. Contact the office of Robert B. Fisher, CPA PC today to get started on your business taxes.