Taxes: It’s time to pay and deduct
Taxes: It’s time to pay and deduct. Taxes are one of the main ways of financing the government. With these funds, Uncle Sam finances the operation of the administration, education, roads, defense or health.
Everyone must pay taxes, including small businesses. But there is a mechanism for taxpayers to pay less tax called tax deductions. Deducting is deducting a part of the amount that must be paid to the Internal Revenue Service, IRS, for its acronym in English. That is why small businesses these days are finding out what their deductible expenses are.
The rental payment of the premises where the business is carried out or the interest that you pay to the bank for the loan that it granted you to develop it can be deducted from the tax. Small merchants can also deduct the funds paid for commercial insurance, payments to employees, retirement plans and the commercial use of the vehicle associated with the company -both insurance policy and parking expenses-. If you have to make business trips, you can deduct the price of the ticket, the stay and the restaurants. Those who develop the business in their home and pay mortgage and homeowner’s insurance, can also deduct a part of these.
It is best to contact your trusted tax advisor as soon as possible so that he can tell you all the documentation that you must prepare and what you need to present to justify the deductions. Taxes: It’s time to pay and deduct.