Most businesses, especially once they become more established and generate large profits, tend to have their own in-house accounting departments. These professionals typically handle everything from managing accounts, helping with financial planning and even managing business taxes in RI.
There are several ways that businesses that may not need in-house tax professions can still have access to relevant information. This can include providing information and support on payroll taxes, tax planning, maximizing your benefits and even on how to plan for retirement through your business.
To understand how professional services handling business taxes in RI can help small businesses, sole proprietors or even those that are starting up a small home office or business keep reading.
Home Office Deductions
One of the biggest mistakes that people that have a business in their home make is incorrect deductions. The IRS stipulates or sets requirements for what can be called a home office for deduction through your business taxes in RI.
The three requirements, which at least one must be met to deduct, include that the space is used exclusively and regularly, that you meet with your customers and clients there for your business or that you use the space for administrative purposes when you have no other similar fixed location. In other words, if you have another office off your property and do most of your business, meetings and administrative work at that location you cannot claim a home office as well.
Business Entertaining
Small business owners and home business owners can also take advantage of their expenses in entertaining and travel as it relates to their work. This can include both local and away from home travel provided it is related to work and can be substantiated as such.
Talking to the professional offering preparation of business taxes in RI can clear up any questions or concerns that you have. These professionals can also advise you on record keeping that will avoid an audit if the IRS assumes that the deduction may have been made in error. Top professionals can easily spot these issues when preparing your business taxes in RI and will let you know what you need to do to provide the necessary documentation in advance of filing your business return.
We can answer all your questions about your options for deductions through our business taxes in RI. To see more and to read some more handy tips visit us online or contact us.
