It is that time again. Time to get all those papers together and get a total of all of those numbers for the accountant. Have you planned for all of your deductions for 2010? If not or if you missed any, now is the time to get started for 2011.
- MILEAGE-Have you kept a log of all of your business mileage? The dates and the mileage accrued? At 50 cents per mile this deduction can add up very quickly if you are someone who is always on the road. (You could also choose to go with your actual automobile depreciation and repairs-speak to your accountant)
- MEALS-ENTERTAINMENT-Have you kept track of all of your receipts for dining out with clients or meals while away on business?
- DUES-LICENSING FEES-Have you kept track of all dues paid, to whom and any licensing renewals paid?
- EQUIPMENT PURCHASES-Have you purchased any equipment over the past year to be used in your business?
- BUSINESS LOANS-Did you borrow money (loans, credit cards etc...) to make business purchases? This interest can also be deductible.
- PROPERTY OWNED-Do you own rental or vacation property? These may also be deductible.
This is just the tip of the iceberg of what may be deductible and how an accountant can help you in your business. In today's economy checking with your accountant can help make you more financially efficient. Now is the time to get started if you haven't already!
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