5 Common Tax Mistakes Startups Make

2,326 views

Published on

5 Common Tax Mistakes Startups Make
From Paperistic (@paperistics)

It's tax time. Filing taxes can be a real learning curve for many young founders and small-business owners. Unknowingly, they might be leaving hundreds, even thousands of dollars off the table.
Often times, entrepreneurs are simply not aware of deductions.
Another big mistake new entrepreneurs make is not keeping records of expenses. Receipts are easy to lose and if you can't prove it, you can't deduct it.
To save headaches and money, go through these 5 common mistakes and tips on how to avoid them.

0 Comments
3 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
2,326
On SlideShare
0
From Embeds
0
Number of Embeds
833
Actions
Shares
0
Downloads
14
Comments
0
Likes
3
Embeds 0
No embeds

No notes for slide

5 Common Tax Mistakes Startups Make

  1. 1. 5Common Tax Mistakes Startups Make Paperistic
  2. 2. $1 BILLION 2013 est. American Taxpayers overpaid in taxes
  3. 3. That’s a heck of a lot of money.
  4. 4. You might be leaving hundreds, even thousands off the table.
  5. 5. tax mistakes AND OVERPAY UNCLE SAM 5 common startups make
  6. 6. 1FORGETTING startup costs
  7. 7. EXPENSES YOU RACK UP before the business opens its doors are DEDUCTIBLE.
  8. 8. Examples Your first computer Lunch with an investor
  9. 9. There’s no time limit to how far back expenses were incurred.
  10. 10. You can deduct up to $5000 FOR THE FIRST YEAR
  11. 11. 2 NOT KEEPING receipts
  12. 12. is a common MISTAKE. LOSING RECEIPTS
  13. 13. Your wallet is not a filing cabinet.
  14. 14. Can’t deduct what you can’t prove.
  15. 15. How we store receipts 1. Take a picture 2. Upload to cloud 3. Throw it away recommended way to keep receipts safe
  16. 16. (in audits) IRS accepts digital receipts.
  17. 17. 3 car expenses the easy way Crunching
  18. 18. Easy way for calculating CAR EXPENSES 56¢ per mile IRS mileage rate for 2014.
  19. 19. that could result in extra savings. There’s an alternate way
  20. 20. Business Miles Driven Total Miles % of Business Use apply this to all car expenses
  21. 21. Examples ● Repairs ● Oil Changes ● Tires ● Registration ● Insurance
  22. 22. Keep milage logs. IRS may ask
  23. 23. 4 Home Office not using the deduction
  24. 24. Home office is a room in your home used exclusively for business
  25. 25. Most startups don’t claim it! If you are eligible, no reason not to claim it.
  26. 26. utilities or insurance, if you qualify. Write off rent, mortgage,
  27. 27. 5PROFESSIONAL HELP not getting
  28. 28. tax laws complex.Remember guys: are
  29. 29. Donald Rumsfeld doesn’t understand them. even
  30. 30. ★ do your homework ★ keep good records ★ seek professional help
  31. 31. Please Retweet. Click me
  32. 32. Click to visit us: blog.paperistic.com Transform the way you do paperwork.

×