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Owning a small business or home office is a rewarding and challenging endeavor. When it's time to file taxes, you want to maximize your profits while adhering to current laws and minimizing the risk of an audit.
How You Can Save Time and Money at Tax Time
Keep an organized record of any receipts and deductible expenses, sorting them into industry-appropriate categories when possible. Taking the time to sort your payments streamlines your tax filing and ensures you take full advantage of your write-offs. Common tax deductions for small businesses include:
- Office supplies and expenses.
- Utilities and building repairs.
- Car, truck and other travel expenses.
Office Supplies vs. Office Expenses
Because office supplies and expenses are handled differently, it's important to know what each category covers. Your office supplies deduction can include materials like:
- Printer ink and toner cartridges.
- Pens, pencils and other writing utensils.
- Stationery and mailing supplies.
Office supplies are only deductible if you use them to run your business. For example, you can deduct the cost of printer ink for textual documents to communicate with clients, but not for graphics you want to sell.
Office expenses encompass nontangible items and some required hardware. You can obtain a tax write-off for business equipment and services such as:
- Electronics like laptops, desktop computers and smartphones.
- Website maintenance, domain names and hosting fees.
- Office maintenance and cleaning services.
How to Maximize Your Home Office Tax Credit
Work from home? You might be able to deduct expenses if it's "the principal place of your business." Here are three quick tips for minimizing your home office taxes:
- Choose the right deduction method — the Internal Revenue Service (IRS) offers simplified and regular options.
- Keep track of vehicle expenses for business travel, including parking fees and miles driven.
- Document attendee names and meeting purposes and keep receipts of any business meal expenses.
How to Identify and Mitigate Audit Risks
Although the IRS selects audits randomly, certain criteria might increase your chance of being chosen, including:
- A significant increase or decrease in income.
- Filing returns incorrectly or failing to do so.
- Combining personal and business expenses.
Accurately recording your income and spending is the best way to combat these risks. Use a notebook or app to substantiate your deduction claims and keep them organized.
Buy Printer and Office Supplies at Supplies Outlet
Consult a tax professional or an accountant for the most beneficial outcomes. Get more out of your write-offs with Supplies Outlet. Our printer and office supplies offer superior quality at bargain prices, making it easy to maximize your budget all year round. Browse our extensive selection today or contact us for questions!