As many of us on this forum start new businesses or continue to grow existing businesses, it's important to look for every advantage possible. The most well-off always seem to have a thorough and comprehensive understanding of the tax ins-and-outs surrounding their ventures and the members of this forum should too.
While searching the forum and throughout Google, I've noticed that all of the info seems generic. Of course, we know that we can write off office supplies and office space, but what about the lesser-known, more obscure stuff that most people are probably missing?
Can we start a thread here that attempts to put together a long, detailed list of things that you should consider, research and possibly implement for your next tax return?
I, for example, have an LLC set up. I file it along with my personal tax return. It's a home business, e-commerce based and I make sure that I write off the basic, to-be-expected things. However, I think that there must be things that I am not taking advantage of, that I could. Even if you pay a CPA to handle all of this for you, how would you ever know if stuff was missed that COULD HAVE been taken advantage of?
With all of our combined experience and different areas of business...let's start naming things that could help out others. Are there any obscure rules that you know about, that we should too? Are there things that we could be writing off, but aren't?
What do you guys think? ALL insight is welcome, but if you DO happen to be an attorney or CPA, indicate so in your post, so we can take it into consideration with a little more weight/trust.
Thanks!
While searching the forum and throughout Google, I've noticed that all of the info seems generic. Of course, we know that we can write off office supplies and office space, but what about the lesser-known, more obscure stuff that most people are probably missing?
Can we start a thread here that attempts to put together a long, detailed list of things that you should consider, research and possibly implement for your next tax return?
I, for example, have an LLC set up. I file it along with my personal tax return. It's a home business, e-commerce based and I make sure that I write off the basic, to-be-expected things. However, I think that there must be things that I am not taking advantage of, that I could. Even if you pay a CPA to handle all of this for you, how would you ever know if stuff was missed that COULD HAVE been taken advantage of?
With all of our combined experience and different areas of business...let's start naming things that could help out others. Are there any obscure rules that you know about, that we should too? Are there things that we could be writing off, but aren't?
What do you guys think? ALL insight is welcome, but if you DO happen to be an attorney or CPA, indicate so in your post, so we can take it into consideration with a little more weight/trust.
Thanks!
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