For those of you who have decided to apply for an extension on your taxes, you now have time to evaluate other reductions between now and your upcoming due date. For those of you who have filed, take note of the following so you will have a few more deductions for 2011.
Association and Business Fees: We all belong to at least one business organization and have day to day business expenses that are worthy of a write off. Take note during the year on the costs you incur for local Chamber of Commerce fees, lunches, golf tournaments and the like. Don’t forget about your monthly web hosting, trade publications and on-line subscriptions either. If it’s related to helping your business prosper, you can write it off.
Office Equipment and Supplies: Sure the paper stock and ink cartridges are worthy of a business expense yet don’t forget the annual costs to run your computer, printer and phones. What about the new furniture you purchased or improvement to the kitchenette for your staff? These all may be worthy of a write-off so do your research now.
Health Care: In the new world of entrepreneurship, there are plenty of new options for write-offs for your on-going health care. Be it out of pocket expenses, a new pair of glasses, dental care or your monthly premium, check out these IRS guidelines here.
Delayed Billing: That’s right. If you think you have made enough money to satisfy your needs, no one ever said you couldn’t delay your invoicing until 2012. It’s possible to delay that income and still be fully legal in 2012.
Want more advice? Seek out a local CPA today to keep your money in the bank and away from Uncle Sam this year!