August 1, 2023

By Maria Gabriela Sanchez

Due to the winter storms in California last year, the filing tax date was extended to October 16th for California individuals and businesses. Now is the time for small business owners and self-employers to think about organizing their documents and expenses to make the most out of filing their taxes. Here at Aqui Income Tax Service, we understand that you are busy running your business, so we want to make it easy for you to know what kinds of deductions are available to you as small business owners.

Deductions must be related to the operation of the business and help generate profit. For example, if you use a particular software for your business (Microsoft Office, QuickBooks), you can deduct that cost from your income taxes. You might also have office expenses, such as paper supplies, printer ink, etc. If you run a restaurant or autobody shop, the rent for the business property, salaries of your employees, equipment maintenance, and even depreciation of equipment can also be deducted from your taxes.

Self-employers may deduct the cost of office supplies, the cost of internet, and even legal and professional services, such as the ones we provide here at Aqui. If you work from home, you can deduct part of your rent, depending on how much space you use as your office. The cost of advertising and marketing, which all businesses do, can also be deducted from your taxes.
Have any more questions about possible deductions? We are here to answer them! At Aqui Income Tax Service, we are dedicated to working with you on your income tax preparation needs.

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