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Showing posts from March, 2022

Some Commonly Asked Small Business Tax Questions

Tax preparation is always an overwhelming process for small businesses. If you don’t hire a certified professional accountant, it can be a daunting job, and there can be a higher possibility of tax errors. As a small business owner, there are many questions related to tax, like what you can and can’t deduct on your tax return and how you can save for retirement. In this blog post, let’s look into the tax questions every small business owner puts forth. 1. What small business expenses can I deduct? It should be the foremost question you must ask for the Phoenix Tax Preparation for your small business. Consult with a CPA firm to know what you can and can’t do on your small business income tax return in this tax season. From the deduction of business startup costs to scrapping off your vehicle expenses, there are many deductions that you might be unaware of. 2. How should I calculate travel expenditure while using my car for my business? If you use your vehicle for business p