Granted, nobody loves the Internal Revenue Service (IRS), but the tax code provides a fair number of deductions for small-business owners.

Following are five not-to-be-missed tax deductions that can lower the annual tax bill for small-business owners.

As always contact your tax professional at Washington Advisory to go through your specific situations.

Mentioning accounting and finance may be a sure way to clear a room full of members of the public. But a room of entrepreneurs? Not so much. Entrepreneurs realize the failure of small business ventures is primarily attributable to poor accounting practices or improper financial management.

Monitoring your small business’s financial statements is the only way to know how well you’re doing and where improvements are most urgently needed. So carve out a little time each month to conduct a proper financial analysis, and begin by focusing on the basics:

Thoughts from our experts

As business owners prepare to file tax returns, many find they have to reconstruct some of last year’s expenses. This is usually a result of paying business expenditures by personal means instead of through a checking account or credit card used exclusively for business. Delays and frustration result when there isn’t sufficient information, or you can’t remember the details required for some write-off claims.

By hiring an accounting professional, you can be sure every expense deduction your business is entitled to will be captured in a timely manner. Our CPA's are both experts in cloud accounting software and the Internal Revenue code. Our Bookkeeping experts know how to record expenses regardless of the payment method. And they understand the conditions that make certain types of expenses tax-deductible.

Ever wonder how the 1% live? For most of them it's not all about caviar, yachts, and champagne.

There was an interesting study published by the IRS that sheds light on the financial characteristics of the 1 %.  

There's some interesting numbers in this issue that helps debunk the stereotypes of what the "Lifestyles of the Rich & Famous” and MTV Cribs portray.

Also in this issue are tax tips that help address the common situation of having lost a receipt for a business expense and whether to claim the expense on your return. 

'Tis the season for Tax Tips

It’s that time of year once again. Besides family visits, christmas gumbos and trips down memory lane, it’s also another special time of year. You guessed it - Tax Time.

With Tax filing season and the end of the year rapidly approaching, hopefully you’ve already met with your CPA to discuss what you could be doing to keep more money in your pocket.

And if you don’t have a CPA, come see us, because you're probably leaving money on the table.

The Old CPA Client relationship

The old way of a client renewing their once-per-year relationship with their CPA is an expensive counterproductive one. In this scenario, the CPA spends most of their time shifting through the “garbage in/garbage out” of year end records versus advising a business on what’s truly important.