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There Is Still Time To Reduce Your Taxes
Your business is doing great!
Congratulations!
With the end of the year approaching fast, it is time to look at how much the tax man is going to take out of your pocket and implement some tax saving strategies which will enable you to hang onto that money.
The best way to reduce your taxable income is to save every receipt which is in some way related to your business and document it in your records.
If you are utilizing the IRS Adjusted Mileage Method, track all of your mileage which is business related so that you can claim it as an expense.
The allowance for miles traveled from January 1 through March 31, 1999 is 32.5 cents. For the period of April 1 through December 31, 1999, the rate has been reduced to 31 cents.
The Internal Revenue Service requires your mileage log to be written. Please refer to my previous article Claiming Mileage Expenses for more details and a log to print out for your use!
If you are deducting automobile expenses by using the Actual Expense Method, then be sure to track all fuel, maintenance, and repair bills.
If you have made any charitable donations this year in excess of $250.00, you need to be sure to obtain a written acknowledgment from the organization to keep in your records.
Considering purchasing new equipment or toys for the daycare? Why wait? Try to make these purchases before December 31st and you will increase your business expenses and lower your tax bill.
By implementing these strategies, you should be able to reduce your taxable income and keep more money in your pocket!
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