If there’s anything a recent pandemic taught people it’s that a home-based business can keep you afloat when times are tough. However, if you started and operated a small business this last year, you may be wondering just how to go about completing your small business taxes. Small business accounting is easy enough when you hire a CPA. If you are worried about time and cost, you should know that tax prep services can be written off on your taxes as a business expense. Curious as to what else you can write off on your business taxes?
Using Part of Your Home as Your “Office”
If you started a small business within your home, the space you use to do work-related activities counts toward a deduction on your taxes. Accountants who do small business accounting in Marietta GA will tell you that you need to know the total square footage of your home and the approximate square footage of the space in which you “work.” A calculation the IRS supplies to figure out the deduction is used based on these square footage numbers.
Office Supplies
Everything from new laptops and printers to fax machines and pens, pencils, and staples can all be written off on your business taxes. You will have to provide the CPA with receipts to show what you purchased last year and what it cost. The calculations are done after everything is added up.
