When it comes to gathering expenses for the itemized section of your taxes, don’t forget to add the ones associated with Epiphany Creative Services!
As we find ourselves moving through 2014’s 4th quarter, we hesitate to even think of upcoming tax preparation. However, if you’re like me, your finding yourself having to peek inside that folder or shove something into it every now and then. It’s just the way of business. And the process will only increase in the days ahead.
Whereas, most businesses have a line item for marketing, advertising or promotion, many small businesses (or hobbies with a Schedule C) do not.
If you’re a small business, I would imagine you have a tax specialist or someone who is able to assist you in preparing your taxes. Some of you may do them yourselves, and that is a valiant effort to be sure.
Remember:
- Track your mileage to and from Epiphany meetings.
- Save receipts for those coffees and lunches.
- And don’t forget those invoices from Epiphany.
We would never venture to advise you tax-wise for your situation however, use these simple reminders and begin stuffing this information into that file!
Don’t be afraid to ask the big questions when it comes time to file your taxes:
“What about…
- Cell Phone Provider
- Percentage of home office space in regards to power bill, etc.
- Office supplies (pens, paper, ink cartridges, Stapler/staples, Software, etc.)
- Office Equipment Purchases (computer, iPad, monitor, copier, etc.)
- Resource supplies – ebooks, magazines, seminars, classes, etc.
All of the above add up, and they are a great way to get a bit of tax savings come April.
If you have suggestions or comments, please take a moment to post them below. We’d love for you to share your thoughts. You never know, you might just help out a colleague in need of the “one thing” they hadn’t thought of to date.
In the meantime…
Below you’ll find a few articles that we hope are helpful or at the least—informational.
Enjoy!
Stephanie
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http://www.forbes.com/2010/01/08/irs-tax-audit-hobby-losses-personal-finance-robert-wood.html
http://www.nextavenue.org/article/2012-03/can-you-write-your-hobby-your-taxes
http://www.irs.gov/uac/Business-or-Hobby%3F-Answer-Has-Implications-for-Deductions