Tax time is upon us once again, and small business owners, especially new ones, are likely to be blindsided by the sheer amount of tax information out there for a business owner. According to an article posted on Mary953’s “Caps” blog (a division of popular money site The Motley Fool), the 2006 tax code was the same word length as 10 King James Bibles. No one should be expected to remember it all.
In the spirit of compiling useful knowledge, I thought I’d link you to Mary’s post as it is indeed incredibly helpful in finding out what expenses you can claim. And since we have a particular focus around here, here’s an excerpt that stands out for me:
Office Expenses (18) – Office Supplies – Ink, paper, toner, pens, staplers and staples, paper clips, folders, and, guess what? If you have an office with a public bathroom, then use that company credit card to buy hand soap, towels, toilet paper and the rest because it is deductible too. Coffee service is here if for clients. You can put snow removal, lawn care, cleaning service under this also. Remember that the name of the game is to spread the expenses out so that you have something under as many spots as possible.
The links above are my own addition, of course, but it’s still cool to see that you can list all this useful stuff on your taxes. Check the article for a full list of how to get the most back (or at least avoid giving too much) this tax season!