Small Business Tax and Accounting Services to Increase Business Tax Deductions
Business Tax Deductions, Key Factors to Keep In Mind
Ordinary and Necessary business expenses when you file business tax return is referring whether the expenses are normal, and customary in your industry, trade or business. For example, an iron worker contractor purchasing small welding equipment meetsboth ordinary and necessary requirement as well as business purpose and not be personal use property or expense. Many of our new clients who file business tax return are not clear on properly documented requirement when they use other accountants for small business tax preparation services. Business Taxes and More provides clear direction and guidance through our tax services for business on the tax deduction factor of proper documentation. Any document, such as receipts and Invoices, credit card or bank statements, mileage logs, expense reports, contracts and agreements, proof of payment must show details such as date, description, dollar amount, vendor or client where applicable.
When you receive accounting and tax services for small business through Business Taxes and More we explain that these documents merely confirm existence of the expense. All key factors must also be met, for example just because a business file LLC tax return and has proper documents or credit card statement, that does not automatically qualify for a tax deduction.
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