Tax Season Begins – Tax Write-Off Ideas For Small Business

Posted on | December 27, 2009 | No Comments

As tax season is just around the corner many small businesses are looking at their balance sheets seeing just how much money they made in 2009.  It is likely that they are also calculating the amount of tax write-offs they have for the year.  If you are a small business owner and you have not calculated your tax write-offs then it would be a very good idea to do this before the end of the year to determine if you need to make any donations or company purchases.


Some ideas of tax write-offs that you might not have concerned include travel expenses, cell phone bill, home office, home office computer, rent and other personal expenses.  It is extremely important that you only write off the expenses that were used for your business.  If you rent an apartment but use it as a home office, you can only write off the square footage cost of the actual office.  It is better to do your research now at IRS.gov to better determine what is acceptable to write off.  You do not want to find out that you owe thousands more later down the road.

There are many online tax programs that can help you out great.  TurboTax currently offers a tax submission program that is completely online.  These programs are not free but it might save you a great amount of money in the long run that will help you offset the cost of the online submission to the IRS.  Take the time to sit down and calculate your write-offs before Friday as then it will be too late to make donations or company purchases for this tax year.

Author: Mike Garner

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