Maui Small Business Tax Filing – 3 Expenses You Can Deduct
Are you wondering about the ins and outs of Maui small business tax filing?
All business owners on the island are constantly looking for new ways to maximize their deductions. And the best way to make sure you pay less in taxes is to deduct as many expenses as you can for your company.
When it comes to Maui small business tax filing, it’s important to know what expenses can or cannot be deducted.
Keep in mind that too many deductions can quickly raise a red flag with the IRS. But as long as you balance your expenses and ask your trustworthy accountant on Maui for advice, you should be able to keep more of your money in your pocket.
Maui small business tax filing: home office
Deducting a “home office” if often a reason for business owners to stress out about raising a red flag with the government. But fearing an audit is not a good reason not to take advantage of this business deduction year after year.
If you really work from home and call at least one of your rooms “your office”, then you have a legitimate reason to lower your tax bill starting immediately.
In order to avoid any trouble, here are 3 tips to keep in mind when it comes to Maui small business tax filing:
1. Keep your work space and the living area separate. Avoid using your bedroom or children’s rooms as office space, for instance.
2. Keep your office supplies and computer, printer, etc. separate from personal use.
3. Always consult with your accountant on the correct way to separate the percentage of home expenses from the percentage of business expenses.
Business owners can deduct travel costs in the interest of the business
Deducting travel costs when it comes to Maui small business tax filing can be tricky. However, as long as you can prove the travel costs were business related, there’s nothing to worry about.
Keep detailed tabs on your meals, conferences you attend while traveling, etc. and you should be able to deduct travel fees, hotel costs, car rental and mileage and more.
As usual, consult with your accountant on the best way to proceed. Make sure you write off everything you can in the interest of your business and be prepared to show your records to an auditor just in case they decide to pay you a visit.
Office supplies and technology expenses also count towards the Maui small business tax filing process
If you’re looking for more ways to make the most of your Maui small business tax filing, make sure to deduct your technology purchases as well.
Computers, printers, software or office supplies can all be deductible. Depending on the purchase and its cost, you could deduct a nice percentage from your technology expenses, in some cases.
The cost to run a business is high. It’s a shame not to take advantage of these 3 deductions is they can help you lower the tax bill and keep more of your profit in your pocket.