5 Common
Tax Mistakes Startups Make
Paperistic
$1 BILLION 2013 est.
American Taxpayers
overpaid
in taxes
That’s a heck of a lot of money.
You might be leaving hundreds, even thousands
off the table.
tax mistakes
AND OVERPAY UNCLE SAM
5 common
startups make
1 FORGETTINGstartup costs
EXPENSES YOU RACK UP
before the business opens its doorsare
DEDUCTIBLE.
Examples
Your first computer
Lunch with an investor
There’s notime limitto how far back
expenses were incurred.
You can deduct up to
$5000FOR THE FIRST YEAR
2 NOT KEEPINGreceipts
is a commonMISTAKE.
LOSING RECEIPTS
Your wallet is not a filing cabinet.
Can’t deduct what you can’t prove.
How we store receipts
1. Take a picture2. Upload to cloud3. Throw it away
recommendedway to keep receipts safe
(in audits)IRS accepts digital receipts.
3 car expensesthe easy way
Crunching
Easy way for calculatingCAR EXPENSES
56¢ per mileIRS mileage
rate for 2014.
that could result in extra savings.There’s an alternate way
Business Miles DrivenTotal Miles
% of Business Use
apply this to all car expenses
Examples● Repairs ● Oil Changes● Tires● Registration ● Insurance
Keep milage logs.IRS may ask
4 Home Office not using the
deduction
Home office is a room in your home used
exclusively for business
Most startups don’t claim it!
If you are eligible, no reason not to claim it.
utilities or insurance, if you qualify.
Write off rent, mortgage,
5 PROFESSIONALHELP
not getting
tax laws complex.Remember guys: are
Donald Rumsfeld
doesn’t understand them.
even
★ do your homework ★ keep good records★ seek professional help
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