Have you started your year-end tax planning yet? Regardless where you are in the process, take a few minutes to think about the information you’re going to need to give to your CPA. No, it’s not too early! These are the tax return deductions you might forget about, if you don’t take the time to review them now.
If you have a business, started a business, closed a business, did anything at all with your own business, there are some tax deduction expenses that frequently get missed. Typically these are the expenses at the very beginning of your business or the expenses that you incur when you pay with cash.
Did you donate any of the following to your new business?
Artwork (in your home office)
You get the drift – if it’s something that you owned personally and then contributed to your business, you will get a deduction for it. Make a list of the assets with their current fair market value. Then have your business reimburse you for the expense. If they don’t have the cash right now, loan it to the business checking account so that you can establish a trail when you reimburse yourself.
On Friday, I’ll talk about some of the missed income tax deductions for itemized deductions.