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Viewing Topic:  TAXES

1) 2/11/2009 Original Post by Mary Relotto 
  What are we most concerned about when filing our taxes?
As business owners or not...
2) 2/16/2009 Reply Posted by Linda Mustric 
  As a Tax Advisor for H&R Block, I have observed that most individuals are interested only in that big REFUND. However, most business owners want to find the most legitimate deductions that they can use. Counseling people on how to best take advantage of deductions, and how to keep track of expenses, makes me feel useful in my part-time, seasonal job. Many small business owners (myself included!) are not good at keeping track of expenses. These days, the IRS wants written documentation for everything (even your bag of clothes to Goodwill is not deductible without a receipt), so a record book or some sort of system must be kept up-to-date. It is too easy to say, "I'll write down that mileage tomorrow," and then forget to do it. I keep a small expense booklet in my car to write down dates; I can always look up the mileage later on mapquest. So I guess for me, I worry about forgetting to enter something on my return.

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