When you’ve just started out in the world of business, you won’t always know what to do about your business finances. Unless you’ve had to deal with them before, why would you? However, not really knowing how to manage your finances, can mean that you end up managing your businesses finances in a bad way. Most of the time, it can be easy to track your income, because you know when you’re getting paid, but it’s not always that simple to track your outgoings.
When it comes to your expenses, how do you know what you can document? Sure, things like equipment that you’ve bought to set up the business can be really obvious, but for a lot of people, there are a lot of gray areas about what you can and cannot include. To help you, the below infographic documents the most common tax deductions that small businesses can include.
Some of the things that you may forget include;
Salaries, Wages & Labor – Any time that you pay an employee or hire a contractor, you can include these costs as expenses.
Vehicle Costs – If you run a business vehicle, all of these costs can be included, like the cost of the vehicle, your insurances, and of course the gas or fuel that you use to run the vehicles.
Taxes – Any taxes that you have to pay also are included as an expense. This is something that you may forget about, but it’s also a cost that you pay to run your business.
To find out the other costs, take a look at the infographic below.
Infographic Design By TripLog