If you run or own a business then you know just how important is to keep your operational costs to a minimum. ANd while there is much that you can do to keep your monthly overheads down, the real savings are seen when you lodge your business tax return.
To help you in this regard, below are three common business costs which you are likely incurring, and which can be claimed against your business tax at the end of the year.
Rent and Space
If you rent an office, you can claim it against your business tax. If you rent a shop front, you can claim it against your business tax. In fact, if you hire a temporary warehouse to store items during a product crisis, you can claim it against your business tax. Even if the space that you use is in your home you can apportion its use on your business tax.
No matter the space that you are hiring or what business use you are using it for, if the space is being used for to operate your business, consider it on your tax return. If you are unsure if your location counts as a business space, speak with the IRS or your tax accountant.
If you want to retain quality staff then it is likely that you offer a number of benefits such as insurance, child care or family products by way of the Groupon Coupons page for Babies R Us, or even allowances to stay at company-owned properties and retreats. If this is the case, you will be relieved to know that these items can be used on your tax return to potentially lower your tax liability.
Running Your Business
In addition to the space that you need to hire to operate your business, there are going to be a number of service expense that you also incur, such as:
- Flower delivery
- Cleaning service
All of these expenses are required to run a business and are all expenses which you can consider including on your business tax return.
Of course, it’s important that you don’t limit the items that you include to those which occur monthly. Even if you only use a service once or are required to pay an ad-hoc charge, if the expense was incurred during the operation of your business then you can look to put it on your business tax return.
While there is no exhaustive and complete list of the items which you can claim on your business tax return, these are three great category to not only get you started, but to also get you thinking about the other types of expenses which your business incurred in its day to day operations, and which may be claimable on your business tax return.
As always, before lodging any tax returns, be sure that all of the information you have placed is correct and legitimate. If you are ever in doubt, always speak with a professional to get their independent and targeted advice.Read More