You work hard to make a profit.
Maximize your deductions to minimize your tax liability.
Business Automobiles
You can claim deductions for the business-related use of an auto using either the standard mileage rate method or the actual expense method. You should use the method that will yield the largest deduction.
Mileage Logs
IRS requires you to maintain business mileage logs in order to take deductions.
Hiring Your Children
If you have your own business, consider hiring your child to work after school or on vacations. The wages you pay your child for bona fide work are tax deductible.
Home Office Expenses
To qualify for a deduction related to an office in the home, you must have an area of your home used exclusively as your principal place of business. This includes a place of business where you meet or deal with patients, clients, or customers.
Rental
If you have done any improvements other than minor repairs to the properties or assets please bring invoices for those expenses, and invoices for purchases of any assets.
Profit-Sharing Plans
Unlike other plans, a profit-sharing plan is flexible. It can be designed so that the employer is not required to make an annual contribution.


TOOGOOD'S TAX AND ACCOUNTING, PLLC
595 SOUTH MAIN STREET FLORENCEAZ 85132
Phone: 520-868-1040 
Website: 
http://toogoodstaxandaccounting.com
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