Our latest blog focused on the importance of knowing what things you can look forward to writing off on your taxes this year. But just as important, you need to know all the things your business cannot write off as tax day draws closer. Battle this grey area, and be prepared before tax day.
There is plenty of time between now and April 15th to get prepared for paying Uncle Sam, but there is nothing wrong with being prepared. The last blog we posted was about knowing what items, some often unknown, that you can write off your taxes. We all love that extra break at the end of the year and it can be a huge burden lifted off your companies' bank account. But are you just as familiar with all the items you cannot write off your taxes? If not, you could be in for a lot of frustration when you start preparing your taxes and getting prepared to pay for them. Don't get caught in that trap, be prepared before you even begin your fiscal year. Know what receipts you need to save and where you can help your business save money - and know what to avoid spending money on before you get ready to sign the dotted line on April 15th.
Let's start with some of the basic nondeductible recommended by Quickbooks. After Quckbooks help you track your project probability, manage your bills, track your business mileage, track your income and expenses, helps you prepare invoices and payments, manage your contractors, and pay your employees, it also offers this fantastic reminder of what you cannot write off and deduct from your upcoming taxes.
How does this sound so far? Are any of these nondeductibles surprising or frustrating? Or were you already aware of these items? Well - the list continues. This one is a little more detailed and focused towards small business owners.
The Pathways Team