As a small business owner himself Ken Weinberg has had a passion for helping the self-employed and small business owners maximize their tax deductions and write-offs and minimize their tax obligations for decades. Ken started Ken-Mar Tax, Inc. by first becoming an Enrolled Agent and then focusing his knowledge of tax reduction strategies by working with Realtors® throughout the Cleveland area. Ken become well known through his free seminars designed to educate Realtors®, independent contractors, small business owners and other self-employed professionals about how to maximize their tax deductions and prepare their tax filings in the best manner for reducing their tax obligations without stretching the IRS tax codes too far. As an Enrolled Agent Ken has dealt with many IRS Officials, understands the difference between gray areas in the tax codes and which areas are very black and white, and has a breadth of knowledge in how to maximize deductions without having a tax return that doesn’t stand-up to IRS standards.
Below is a list of simple things any small business owner can do to ensure they aren’t over-paying in taxes and remember, at Ken-Mar Tax “we’ll save you more than our fee or your taxes are free.” Contact us to schedule a tax filing appointment or for a free consultation.
Auto mileage is one of the biggest deductions for small business owners and it’s important to keep a detailed record of your mileage. When our team at Ken-Mar Tax prepares your taxes, we always calculate both the actual mileage and the standard mileage rate before determining which to claim on your taxes to make sure you get the best deduction! Keep your records clear and every year we’ll work out which one is best for your tax reduction strategy.
For a small business owner, or someone who is otherwise self-employed (receiving IRS Form 1099 and/or filing a schedule C with your IRS Form 1040), the best thing you can do to maximize your tax deductions and reduce your tax obligations is to get organized and treat your receipts and invoices more like cash rather than trash. Every $100 in business expenses could be worth up to $50 when it comes time to file your taxes (depending on your tax bracket.) Keeping track of your business expenses by hanging-on to your receipts, designate a place in your wallet, purse and your car can keep everything handy so you can easily transfer your pile of receipts to your accounting files to be way ahead of the game when tax season rolls around!
“Get organized,” “track receipts,” “log mileage…” easier said than done – right? We’re running a small business too so we get it – business owners don’t have time for a pile of paperwork! That’s why at Ken-Mar Tax our enrolled agent, Ken Weinberg, put together organizer sheets to help small business owners and the self-employed maximize deductions and minimize errors and omissions. It’s not about keeping every little receipt and invoice as much as it is knowing your expenses and being able to account for them if the IRS performs an audit. Most of our clients use a business credit card, so most of their expenses have a paper-trail built in to their account. Now they just need to provide an accurate number when we itemize expenses into categories which is where the organizer sheets will help. Contact us and ask for Ken Weinberg – he will be happy to email or fax them to you!
Don’t forget that utilizing a home office allows you to deduct a percentage of home expenses like utilities, internet (percentage used for business), mortgage insurance, and other relevant business expenses from your income. Of course, there are a few requirements you must meet and as an enrolled agent and tax preparation specialist for small business owners and the self-employed Ken Weinberg is the most experienced with decades of tax reduction strategies expertise.
Wondering what qualifies as tax-deductible business use of a home? Concerned your last accountant or tax preparation professional failed to maximize your deductions causing you to over-pay the IRS? Contact us online, by phone or schedule an appointment for a free review of your past 3 years tax returns.