5 Common

Tax Mistakes Startups Make

Paperistic

$1 BILLION 2013 est.

American Taxpayers

overpaid

in taxes

That’s a heck of a lot of money.

You might be leaving hundreds, even thousands

off the table.

tax mistakes

AND OVERPAY UNCLE SAM

5 common

startups make

1 FORGETTINGstartup costs

EXPENSES YOU RACK UP

before the business opens its doorsare

DEDUCTIBLE.

Examples

Your first computer

Lunch with an investor

There’s notime limitto how far back

expenses were incurred.

You can deduct up to

$5000FOR THE FIRST YEAR

2 NOT KEEPINGreceipts

is a commonMISTAKE.

LOSING RECEIPTS

Your wallet is not a filing cabinet.

Can’t deduct what you can’t prove.

How we store receipts

1. Take a picture2. Upload to cloud3. Throw it away

recommendedway to keep receipts safe

(in audits)IRS accepts digital receipts.

3 car expensesthe easy way

Crunching

Easy way for calculatingCAR EXPENSES

56¢ per mileIRS mileage

rate for 2014.

that could result in extra savings.There’s an alternate way

Business Miles DrivenTotal Miles

% of Business Use

apply this to all car expenses

Examples● Repairs ● Oil Changes● Tires● Registration ● Insurance

Keep milage logs.IRS may ask

4 Home Office not using the

deduction

Home office is a room in your home used

exclusively for business

Most startups don’t claim it!

If you are eligible, no reason not to claim it.

utilities or insurance, if you qualify.

Write off rent, mortgage,

5 PROFESSIONALHELP

not getting

tax laws complex.Remember guys: are

Donald Rumsfeld

doesn’t understand them.

even

★ do your homework ★ keep good records★ seek professional help

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