The phrase ‘many happy returns’ trickles out of the holidays and into tax season for many. If you’re running a small business, chances are good that you’re hoping for a nice return on your taxes this year, too. H&R Block offices around the country are prepared to help you make the most of your 2011 tax refunds, but what can you do to help yourself?
5 Deductions You Don’t Want to Forget
When it comes to your taxes, you should never settle for less. Oftentimes it happens that different small business deductions are overlooked, meaning that you don’t get your maximum return. So what should you look for?
1. Computer software. Be aware that, while there is a depreciation period of 36 months on purchased software used for your business, you can claim this deduction to help you maximize your return.
2. Mileage. If you travel for business, keep track of your mileage, tolls, parking, and other related costs.
3. Education. If you’re continuing your education to assist you in your current position, you are entitled to a deduction.
Recommended for YouWebcast: Growth at a Scale Up: How to Grow When You're No Longer a Startup
4. Business calls from your home phone. If you have a second line installed in your home that is used strictly for business, you can deduct any calls, fees, and charges. Don’t have a second line but still making business calls from home? Not to worry. When your phone bill comes, simply highlight the calls made for work and keep records. You can deduct 100 percent of those highlighted charges at the end of the year.
5. Charitable contributions. Making donations doesn’t have to just be a personal venture. If your business has made any kind of monetary donation or contribution in the last year, don’t forget to deduct it!
5 Must-Have Tax Apps
Tax season 2011 may be over, but tax season 2012 is just getting under way. Don’t settle for less this year. There are some really great apps out there that can help you stay organized, even on the go.
1. MileBug – helps you keep track of your mileage, as well as any expenses you might incur along the way. Perfect for deducting business travel! Available in the iTunes App Store for $2.99 and the Android Market for $1.99.
2. XpenseTracker – allows you to keep track of all of your business expenses in one place – including mileage. XpenseTracker allows you to export your expenses to your desktop to load into Excel. If you like to keep track of your business receipts with the camera on your phone, all photo receipts can also be exported to your computer. This all-inclusive app is available in the Apple App Store for the iPhone and iPad and, at only $4.99, is basically a steal.
3. IRS App – If you like going straight to the source with questions about taxes, this is the app for you. It’s compatible with your iPhone, iPod Touch, or iPad, providing you’re running at least iOS 4.2. And only 99¢!
4. Shoeboxed– A receipt tracker and reader that allows you to use your iPhone camera to keep track of all of your purchases. When it comes time to itemize, you’ll be ready to maximize your tax return. This app is available in the Apple App Store for the iPhone and iPad. Best of all? It’s free!
5. H&R Block Mobile – You should never settle for less during tax season, and H&R Block believes in helping you make the most of your returns. Download their free app to tap into all of their knowledge on how to put more money in your pocket.
Tax season doesn’t need to be a headache. H&R Block’s “Never Settle for Less” campaign aims to give you as much support as possible. All over the country, H&R Block is helping people find more deductions and earn more tax credits. Why not see what they can do for you?
Continue to Never Settle for Less by Filing online at http://www.hrblock.com/index.html or in an H&R Block Office.
Image Source: Aidan Morgan/Flickr
This post brought to you by H&R Block. All opinions are 100% mine.