If you are a business owner and you are self-employed, your 3rd quarter tax payment is due very soon on September 15. This requires you to estimate your total bill, divide it by four, and send a quarterly check to Uncle Sam on or before September 15! Well, do you know that current IRS tax code allows business owner to claim dozens of juicy deductions, which can add up to savings of many thousands of dollars in tax payments. Nevertheless, most business owners face one common challenge and that is IRS doesn’t automatically take those deductions for you -- or apply them to your tax return if you forget to claim them. Bottom line, you need to know what deductions are available, the latest updates and changes to the tax codes and how to apply them to your particular situation. It’s a real catch-22. Failing to take all the deductions could cost you a lot of money in tax payments to the IRS that you aren’t really required to make. Taking deductions you’re not entitled to -- or can’t back up with the required documentation -- can cost you thousands of dollars in interest and penalties. Here are some examples of deductions missed by most business owners:
Not maximizing car deductions.
Not making the most out of your business meals and entertainment.
Not making the most out of your business gifts.
Not making the most out of your business travel.
Not making the most out of your home office deductions.
Not maximizing your deductions for the business equipment you purchased.
Not implementing right tax choice for their business entity.
Good news! There is still time for you to implement effective tax strategies for this current year! If you have not had the opportunity to consult with a tax professional, this is your perfect time to sign up your initial 30-minute FREE tax consultation. Simply call us @ 832 795 9612 to schedule your first FREE consultation!