1. Tally Startup Costs
If you just started your business this year, you are in for a world of tax breaks and deductions on just about every expense you incur. This includes costs from filling out paperwork to even the purchase of the break room coffee maker. There are tons of write-offs, so be sure you are doing the bookkeeping trick of saving the receipts for:
- Corporate filing fees.
- Office supplies such as paper, pens, furniture, cleaning supplies, and basically anything you bought from Office Depot.
- Technology including computers, software, and even your business cellphone.
- Legal fees.
- Consulting fees.
- and many more.
Bookkeeping Trick: You are only allowed to write off up to $5,000 in business startup costs during your first hear. However if you exceed this amount, you may still amortize the remaining amount over the next 15 years.
