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Common Tax Questions From Small Business Owners

January 22, 2023
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Dealing with personal taxes can be challenging for many, and the need to handle small business taxes creates even more challenges. Many small business owners find themselves coming up with numerous questions as they try to navigate the process. As an experienced CPA firm in San Antonio TX, we can help you with your questions, and we can make things even easier by helping you with your taxes.

There are certain initial questions that many small businesses often have. We’ll discuss a few to give you some background, which may help refine your questions when you choose to contact us.

What information is needed for a small business’s taxes? There are a number of documents that you will need. Among them are information on business assets and expenses, financial statements, and if applicable, home office expenses and vehicle usage information. These last two have strict requirements and are one of the reasons why a CPA can be useful.

What business expenses can be claimed? There are two basic categories that the IRS requires for claiming business expenses. Expenses must be both necessary and ordinary. Necessary expenses help you to do your work. Ordinary expenses are expenses that similar trades and businesses typically pay. Therefore, among the items you can claim as deductions are advertising, maintenance, and repairs. You may also be able to claim entertainment and meal expenses, auto expenses, and home office expenses if they meet the requirements for some of these claims.

Which business receipts can be used for my taxes? It is important to get and keep any receipts related to your business, though it can sometimes be confusing as to which apply to your taxes. There are three main categories of receipts to keep to help you do your taxes: expenses, purchases, and gross receipts (cash register tapes, invoices, deposit information, etc.).

Can I use scanned receipts? Many people scan receipts to help keep track of everything and to make tracking easier than dealing with numerous pieces of paper. While you should still keep your original receipts, scanned copies are acceptable for tax purposes as long as they are identical to the originals.

Because there are a variety of types of small businesses, and there are different requirements for each, using a qualified CPA firm in San Antonio TX may be the best choice you make. We can answer your questions, and more importantly, we can manage, prepare and file your taxes, helping you make the most of any deductions and claims available to you, while also ensuring everything is done properly. Contact us today to learn more about our tax services and more.

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This post was written by Gonzales Group CPA


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