We can all get caught up in the day-to-day work that we forget to keep track of our business trip expenses and miss out on hundreds or even thousands of dollars worth of deductions. We might even receive an IRS Audit if we lose track and cannot distinguish between what was personal and what was solely for business in these trips. Avoiding these audits is a major reason why you should feel encouraged to keep a log that helps you track business expenses.
Though many people are staying at home more now, there will be times where we may still have to go out to meet our customers, suppliers, vendors, etc. Whether your trips may be frequent or rare, as a business owner, it is still important to track your mileage for your auto deductions. Do you know estimating your business auto mileage could land you an IRS audit?
If you are not aware of auto deduction, you're not going to believe what we found out in our latest video!
If you have received the PPP loan, have you looked at your bank statement lately? If you see something strange with the PPP loan balance such as, new interest charge, don't panic. Under the SBA Website, there is a document that goes over the rules and regulations of the Paycheck Protection Program that has been overlooked by everyone. Watch our video to learn more!
You could be missing out on Home Office Deductions that could save you hundreds or thousands. Whether you started their own business, do some freelance work on the side, work remotely for an employer, or were sent home for a few months because of the coronavirus. You may be able to take a tax break for your home office expenses, but you need to follow some strict rules. There's a lot of confusion around the home office deduction because many remote workers who took the break in the past are no longer eligible – the Tax Cuts and Jobs Act eliminated the home office deduction for employees who work from home for an employer. But self-employed people can still take the break if their home office qualifies.
To qualify for the home office deduction, you must use part of your home "regularly and exclusively" for business. Your office doesn't need to be in a separate room, but it has to be in an area of your home where you don't do anything else. It can be a dedicated nook in the corner of your basement, for example, but it can't be the kitchen table where your family also eats.
If you're working at home for just a few months – which so many people are doing now because of the coronavirus – you may be able to take a partial-year home office deduction when you file that year's income tax return but, you must be self-employed, the home office must be used regularly, and exclusively for business during those months. Keep this requirement in mind if you're setting up a temporary office in your home: It doesn't have to be a separate room, but it has to be a space you use exclusively for your business.
If you have any questions about home office deductions, talk to us today. We're here to help!
Now that tax season is over with, it is time to relax and run your business without having to worry until next season. However, using this time after tax season is the best time for you to prepare for next year's taxes, which can lead you to save more on tax deductions. Without proper planning, it can lead to costly mistakes or even IRS audits! Sure, you could relax since that is "next year's" problem, but why wait till the last minute?
Do you know how much you could save on taxes if you spend the time to prepare for them? What are the mistakes that you could be making on your taxes? Look at our video below to learn more!
Without a proper book for your business, you won't know what your income or expenses are for your business and there could be a chance that your funds could be commingled with your personal funds which at that point will create confusion on what is or is not deductible. Let's not forget, it would be difficult for you to do your taxes without a proper bookkeeper for your business.
Doing the books yourself could take you hours away from running your business and you would rather run your business instead, right?
OneSelfClub helps business owners streamline their accounting processes, increase their operational efficiencies, lower costs and maximize profits by utilizing state-of-the-art and exclusive technology, a determined team and a proven methodology.
Our solution will enable business owners to focus on the more important things, growing their business.
If for any reason you are not satisfied within 30 Days of using our product, you will be given 100% Refund.
OneSelfClub is a bookkeeping services firm, not an accounting firm. OneSelfClub is not certified, licensed or registered as a certified public accountant or certified public accountancy firm. Our mission is to have our bookkeepers help you get your books in order so that they can be handed over to your CPA for tax preparation purposes.