Small Business Tax Deductions

Small business tax troubles: Accountants weigh in with actionable advice. Strangest deductions There are some things you just have to pay for yourself. Family vacation Pets Robot Face lift Deduction advice Free money Avoid an audit The most commonly The most common mistakes overlooked deductions that can trigger an audit Depreciation 30% 36% Excessive deductions Out of pocket expenses Mixing personal deductions 29% 35% Auto expenses 16% 14% Misidentifying workforce Moving online With more and more accountants heading online you should plan to make the switch soon. 2012 • 32% 2013 • 43% 2014 • 55% Calculated connection 60% over 60% of accountants year over year found that meeting at least once a month kept SMBS in good financial standing Accountants are always in season One of the mistakes small businesses make is only talking to their accountants at tax time. Zogby Analytics was commissioned by Xero Limited to conduct an online survey of 400 accountants in the US. All interviews were completed between February 12 and February 15, 2014.