CPA Financial Architects in Henderson, Nevada realise that tax time for many types of businesses, especially for the new kids on the entrepreneurial block, can be a challenging period.

They find tax time a moment of questions and doubts on whether one figure refers to a credit towards their account or else a loss on their capital. Throughout February to April of a business’ first year provides the budding entrepreneur with a bombardment of tax knowledge – perhaps, much more than he or she ever wanted to know. However, there is always something to find out about; notably, taking advantage of business tax deductions, which can make your business more profitable.

Below are a few business tax deductions at the federal level CPA Financial Architects believe many entrepreneurs fail to notice.  This list is not extensive, but it can lead you on the right path. For a more personalized review of your accounts, seeking a qualified accountant is highly advised.

Loan interest

Don’t fret if you had to ask for a loan, in order to get your business started, because there might be a hidden deduction somewhere there. Most of the time, entrepreneurs assign all of their loan payment to pay off their loan balance. Little do they know that some of that payment should be designated for their interest expense. CPA Financial Architects have helped many of their clients in the Las Vegas area to adjust this, in order to snag a large chunk of this tax deduction.

Gaining from Bad Debts

As you are well aware, you should always do your best to collect outstanding invoices. Be that as it may, some will default. That is ok, since you can write off the bad debt and get a tax deduction. CPA Financial Architects suggests flying this by your tax advisor first, just to be certain.

Amortizing Intangible Assets

There is no need to sound off the alarm. Amortization is when the cost of intangible assets is deducted over its projected life. The next red flag, “What on God’s green earth is an intangible asset?” It’s simple. Intangible assets are items that you have purchased such as logos, trademarks as well as customer lists and all of them can also be referred to as goodwill. The items are amortized over a particular number of years to lower a business owner’s taxable income.

Use your Personal Vehicle for Business

Using your personal vehicle for business travel is a thrifty thing to do, since expenses such as mile consumption and maintenance can be deducted. Even more importantly, use your vehicle to consume some miles when you pop over to see your accountant and get that deducted as well from the IRS.

Use your Home as an Office

Working from the comfort of your own home can help you to write off some of your home’s utility, rent and other expenses.

As mention before, this isn’t an extensive list. CPA Financial Architects advises all of their clients in the Henderson, Las Vegas Nevada region to seek professional advice for all tax related issues, especially when it comes to deductions.