Independent contractors and small businesses are entitled to annual tax deductions. Entrepreneurs and small business owners who manage their own finances often miss out on write-offs that could cut their expenses and be used for acquiring better resources to grow their businesses. In order to take advantage of these tax deductions, business owners need to find accountants in Raleigh who are experts in small business bookkeeping and tax laws. Executive Accounting Solutions of North Carolina helps small businesses maximize their tax deductions. The cost of using accounting and bookkeeping services is a write-off itself!
Business Expenses You Can Write-Off
- Moving (personal moving fees are a separate deduction)
- Travel (conferences, trade shows, air travel, mileage, meals)
- Auto (mileage, repairs)
- Retirement contributions (up to IRS limits)
- Professional costs (legal, marketing, accounting)
- Office (supplies, rent of office and equipment, phones)
- Marketing (sponsorships and advertisements, memberships, trade shows)
- Interest on business loans
- Bank fees (overdrafts, monthly charges, check fees)
- Continuing education (workshops, seminars, summits)
- Health insurance premiums
- Business gifts (Up to IRS limits. This includes client anniversary gifts, but this excludes items with your company name imprinted on them.)
Costs for Small Business Owners
Taxes are often a small business owner’s biggest cost. Bookkeepers in Raleigh at EAS work with entrepreneurs and other small business owners to prioritize their deductions based on the size and type of their business or organization so that there are no surprises when tax season arrives. Our business accounting professionals guide Raleigh small businesses through a review of tax returns and expenses from their business’ history to look for business write-offs they may not be taking advantage of.
Small Business Tax Law Changes
EAS also stays up-to-date about new tax laws that affect small business owners. The size of a company, the type of business and the amount of income are factors that make certain organizations exempt from some tax laws, while others are not. NC business owners rely on EAS to show them how tax laws affect their tax obligations and payment schedules.
Company Tax Breaks
To take full advantage of a company’s tax breaks, a comprehensive review of business expenses and income is necessary. EAS accounting professionals in Raleigh help organize bookkeeping records, manage projected costs and investments, and review potential tax liabilities with business owners. We help small businesses create strategies to cover existing tax liabilities and limit future ones. Organized bookkeeping records combined with EAS’s knowledge of small business tax breaks, helps independent contractors, entrepreneurs and other small organizations grow their business with confidence. Even new businesses without a history of tax returns available may qualify for special tax breaks that our Raleigh bookkeeping staff can explain.
Tax Help for Small Businesses in Raleigh
If you’re a small business owner looking for help with planning your taxes, contact us. Our Raleigh small business accounting staff helps business owners take advantage of tax breaks and make it easier to stay on a tax payment schedule for businesses to stay successful.
