The year is pretty much over! So cliché to say, but it is so true. Now is the perfect time to double check that you aren’t missing any tax deductions. Here is an outline of some last-minute ideas to save on your taxes.
1. Catch up on your bookkeeping: Make sure you’re accounting for all your expenses. Don’t forget to look through your personal bank and credit card statements in case you purchased something out of pocket for your business.
2. Don’t forget about the home office deduction: This is possibly the most commonly missed. Be sure to keep good records of your expenses such as:
Rent (if renter)
3. Don’t forget about personal use items that you use for your business: A great example is your cell phone! Make sure to get the portion you use for business written off.
4. Don’t forget about Stripe fees: If you accept stripe payments, they will take a percentage and then payout the difference. If you use something like Simple Practice to determine how much income you will report on your tax returns, you may miss out on this deduction (those fees really add up!) Be sure to log in to your Stripe account to get those numbers.
5. Don’t forget about meals: Make sure to deduct these expenses because they are 100% deductible in 2021 + 2022.
6. Don’t forget about gifts: If you purchase gifts for a referral partner, clients, vendors, etc. Keep in mind that the limit for gifts are $25 dollars per recipient per year.
We are currently accepting new clients and offering a 15% discount for first-time clients. Make sure to bring this up when you sign up for your tax service. Email us at email@example.com to learn more.
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