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 purposes, you can deduct vehicle and travel costs. The deduction happens if the expenses are used for business purposes only.

Good bookkeeping is necessary if you use a personal car for business use. It’s essential to track your miles for getting the proper tax deduction.

3. How would I know if I qualify for the home office deduction?

For obtaining the home office deduction, you need to use only your home office space for business purposes. If you or your family uses the area for personal reasons, like gaming or other personal uses, you can’t claim the deduction.

4. How can I deduct my business assets?

The best way to deduct your business assets is through bonus depreciation.

Ask these questions from a CPA and get help for the Gilbert Tax Preparation.

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