Every business deals with expenses; like it or not, money has to be spent in the process of earning income. However, deducting expenses from tax returns helps business owners, real estate investors, etc., minimize their tax bills.
Deducting expenses can be a tricky subject to deal with every year, as laws change and the IRS keeps a lookout for audit opportunities. That’s why Anderson tax attorney Eric Day breaks down this sometimes confusing subject in the video below:
Topics Discussed Include:
- Types of Expenses and Why Intent Matters
- Factors that Determine What Is Deductible For Your Business
- Timing Issues When It Comes to Expensing
- Cash vs Accrual Expenses
- Deducting Capital Assets
- Tips on Avoiding IRS Audits
Click on the link below to watch the entire video:
As you can see, deducting expenses is serious business for us here at Anderson; in fact, one of our client services is our 2-year Tax Review, in which we examine your returns over the past two years to see if, in fact, you either overpaid the federal government or missed opportunities to claim deductions that could have significantly reduced your tax bill.
If you have any further questions about deducting expenses or are interested in having your own returns reviewed to see what deductions you are currently missing out on, then the easiest way to get ahold of our tax team is to schedule a free 30-minute strategy session with one of advisors today. Simply fill out the form here and we can start examining what opportunities you have to maximize your tax savings moving forward.
**If you would like to invite one of our expert Attorneys to be a part of your show, please contact Desiree Wolfe at [email protected].