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5 Hot Small Business Tax Deductions to Consider Before you File
home business

As all small business owners know, this is a critical time of year to try and dig up all the expenses we can from last year in order to drive down our tax bill as low as possible.

As you are sitting around your kitchen table organizing receipts and combing over bank and credit card statements, don’t be timid or shy when considering your expenses.  I truly believe that far too many business owners, CPAs and Tax Preparers are overly conservative and miss out on important expenses that we are entitled to.

Here are 5 tax deductions that should be maximized to the greatest extent possible and will have a major impact on your tax return:

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Relief for the tax procrastinator — Stress management, courtesy of The UPS Store
Tax Form

If you’re like me, you’ve already filed your taxes—a month or two ago! I guess I like seeing that refund in my bank account, so I try to file as soon as possible. But there are many out there (you know who you are) who wait til the last minute to file their taxes, even if the IRS gives them an extra couple days to file. I guess the looming threat of late fees doesn’t scare them. Maybe they like the stress, who knows?

Fortunately, there’s relief for all you last-minute filers. Your neighborhood The UPS Store location offers copying, postal and shipping services to help you get your taxes to Uncle Sam on time. Many of The UPS Store locations actually stay open late on April 17 to accommodate the procastinators. And some even throw a Tax Break party to celebrate our right to pay taxes.

Most people who physically send their returns to the IRS use the mail, but did you know you can also SHIP your federal tax returns via UPS? What’s better than watching your tax forms make their way to the IRS? With UPS shipping, you get a tracking number so you can track your return all the way to Uncle Sam.

If you’re mailing, don’t forget they’ve got to be postmarked by April 17.

What are you planning to do with your tax return?

Putting Importers in the Driver’s Seat

Here’s the scenario. You’re an online retailer sourcing your merchandise from Asia. You need to import the merchandise and have the goods sent directly to your end customer. Of course, you want the shipment to arrive on time with the commercial invoice removed to maintain the confidentiality of the value of the merchandise. And you wish to be notified of any exceptions along the way.

Sound simple? Ask an importer and you’ll probably hear a horror story about the shipment that got stuck in customs or the commercial invoice that found its way to the end customer who promptly calculated the importer’s profit margin. Why these challenges? Because the exporter had all the control over the shipment.

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