December 1, 2011 by Aaron Scott Young
A little panic sets in wondering if we kept every receipt, tracked all our expenses in QuickBooks, and if we took advantage of the many deductions available to us as business owners.
Â Here are 3 simple tips for lowering your taxes during the holidays:
1. Turn your road trip into a tax deduction: Schedule to meet with a client or a vendor on your way to the in-laws, and the mileage to the meeting (and back) is tax deductible! (Doesnâ€™t the client deserve a nice holiday gift anyway?) Now you can truly laugh at your father-in-lawâ€™s corny jokes because you know the trip was partly paid for by the IRS!
2. Get the gift of tax deductions: Did you know that home office furniture is tax deductible even if you donâ€™t take the home office deduction? So take advantage of the holiday sales and buy that new desk youâ€™ve been eyeing for an extra 20-35% off! (Depending on your tax rate.) Talk about hitting the jack pot!
3. Getting your records in order will save you money: To do this we found a product created by one of our favorite tax experts, Sandy Botkin (a former IRS trainer, CPA and Tax Attorney), that we love because it has solved our Holiday Financial Panic and made taking tax deductions so easy. Taxbot is an amazing digital tax tracker that automatically tracks business mileage with a GPS Mileage Tracker, records expenses and intuitively makes them IRS compliant. It even has a built-in receipt scanner! It even syncs to a secure web portal that offers detailed integrated reports and expert tax training and tips. They really thought of everything!
This holiday season you, too, can take the stress out of tax planning with this ingenious app!Â
Want even more tips and tricks to get the most tax deductions possible as a business owner? Join us for a live webinar from Sandy Botkin on December 15 from 10-11 a.m. PST.
Click here to reserve your spot for “5 Strategies To Maximize Your Tax Deductions And Stay Out Of Trouble With The IRS!”Â