Rest assured that when you stay overnight at a hotel while conducting business away from home, that night will be fully tax-deductible. Here are just a few deductions you won’t want to miss: 1. Advises Austin-based Certified Public Accountant, David Coffman, “Make sure to keep good detailed records supporting your deductions for at least 6 years, and fill out the proper forms correctly and completely.” Like everything to do with the IRS, the rules around deductions can be nuanced, so it’s important to do your research, talk with an accountant, and use a good tax calendar to stay on track of regulations and deadlines.
For the small business owner, deductions are a world of plenty. But beneath the bureaucratic onslaught, there is one shining beacon of hope: deductions, deductions, deductions.
With all of those forms to mail to employees, expenses to track, and checks to write to the IRS, no-one could blame you for dreading the month of April. As a small business owner, tax season can be a stressful time.
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