By - April 2, 2024
Categories: Accounting, Bookkeeping, General, Taxes
The official tax deadline is creeping closer and closer. All payments must be submitted by April 15th – which is just days away. This applies to all tax payers, even if you’ve filed for an extension deadline.
In this blog, we’re sharing a few last-minute tax tips to help you sail through the remainder of the season smoothly.
Double-check your deductibles (H2)
As I’m sure you know, deductions can save you thousands of dollars on your tax payments.
Before you hit ‘file,’ conduct a final comb-through of your expenses to confirm that you’ve accounted for all of your deductions.
A few commonly missed deductions include:
- Charitable contributions
- Home office expenses
- Office supply expenses
- Marketing costs
- Travel expenses (including meals)
- Mortgage interest
- Student loan interest
- Medical expenses
- Startup costs
- Business expenses
- Depreciation
If you don’t already use an accounting software platform to streamline your expense-tracking, now’s the perfect time to set up a Quickbooks account to help you manage your business finances.
Don’t miss the Section 179 deduction (H2)
Section 179 is a specific deductible that allows you to claim the full purchase price of assets and equipment that are depreciable, even if you finance them. This can lower your taxable income significantly for the year.
You can apply the Section 179 deduction to:
- Business-use vehicles and machines
- Technology equipment and upgrades
- Qualifying property repairs and purchases
We recommend speaking with a professional to see if the Section 179 deduction is right for your specific circumstances. We’d love to help! Contact us for more information.
Determine if you are eligible for tax credits (H2)
Tax credits are available for certain business activities, such as research and development, hiring employees from certain groups, or making your business more accessible.
Unlike deductions, credits reduce your tax bill dollar-for-dollar, so they are a highly valuable asset you should take advantage of.
If you’re unsure if your business is eligible to receive any credits, you can review the 2023 business tax credits here.
Review and pay estimated taxes (H2)
If you make quarterly estimated tax payments throughout the year, now is the time to review them for accuracy. This will help you avoid underpayment penalties that can occur if your income drastically changes.
Note: If your business is expected to owe taxes of $1,000 or more when your return is filed, you should be paying estimated taxes quarterly. If you need help setting this up, contact us here.
Have a professional handle your filing (H2)
If you’re not confident in your tax-filing knowledge, put your trust in professionals like us. Having someone who is well-versed in tax practices and policies can help you save thousands of dollars every year. This is revenue that you can profit from or put back into your business to save even more next year.
At Three Rivers Bookkeeping, we’re here to help you maximize your savings so you can file with peace of mind this year. Visit our contact page to learn more about how we can set you up for tax season success!
