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‍Business Tips from Iñiguez Income

Tax, LLC

1.  Do not co-mingle your business expenses with personal expenses. Make sure to have separate Business from Personal Checking Accounts

 2.  If you are a small business... as a Sole Proprietor, you put all your personal assets at risk, see about protecting yourself as an S-Corp or LLC.

 3.  At the end-of-the-year a credit card could help your Tax debt. Pay for that spring training or equipment upgrade- you can write it off as an expense lowering your tax debt and pay it off next year writing off the interest.

 4.  If you have a space in your home that you use for business. You can write off that square footage along with the % of your home utilities that are used by your home office.

 5.  Penalties for filing late for small businesses are going up. File early

 6.  The new tax break. Write off the interest on your new car purchase. New car, American car. Ask your tax preparer for details.

 7.  If you’re a small business get 12 envelopes mark them from January-December. Keep it in your truck, Put every receipt in the envelope. Switch every month with a new envelope.

8.  If your cell phone number is listed on your business card. It is a tax-deductible business expense.

 9.  If you are a small business and you use your truck for your work. Make sure it is on a commercial auto Insurance Policy So that your truck insurance is tax deductible. It could even be cheaper then personal insurance, Auto insurance is expensive, why not write it off.

 10. Keep track of miles used for business. Either Document miles with odometer readings in a journal or keep track of business meetings/ appointments on your calendar with address and miles to and from your office.

 11.Don’t wait until November to get your financial information together to file your taxes. You will miss deductions and pay more in taxes.

 12. If you take or took a large loan to purchase or expand your business. Talk to your tax preparer. You may not only write off the interest but also amortize the entire loan as a deduction on your taxes. This one is a game changer.