Receipts during this time of year become increasingly more important as small business owners prepare for tax filing. If you have no receipts that prove your expenses then, you may be out of luck. But, some of the tax deductions for your small business will be at the hands of your accountant. Make sure your accountant knows and has all the documentation to give your small business the deductions it deserves.
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Failing to claim all the small-business tax deductions you’re entitled to is like flushing money down the toilet. Deductions are a legal way to reduce the amount of business income that is subject to tax.
—Failing to claim all the small-business tax deductions you’re entitled to is like flushing money down the toilet. Deductions are a legal way to reduce the amount of business income that is subject to tax.Keeping good records is key to backing up the deductions, says Barbara Weltman, author of “J.K. Lasser’s Small Business Taxes 2017.”
“Keep receipts, invoices and other documentation,” she says. “If you don’t have the proof, you could be out of luck.”
Small business leaders say they’re more enthusiastic about the US economy, according to a new survey from JPMorgan.
The 2017 Business Leaders Outlook found that small business executives from across the US are more optimistic about the global and national economies and think that the Trump administration will be a positive for the country.
The bank surveyed roughly 1,400 executives, and 80% said they were optimistic about the national economy. That’s up nearly 41 points from the 2016 edition of the survey.
About 68% said they were encouraged about the outlook for their local economies, an 18 point increase from the year before. Only 3% and 5% of these executives were pessimistic about the national and local economies respectively, according to JPMorgan.
Small business owners’ view of the economy is surging and giving them an incentive to hire.
That’s the finding of surveys released last week by two advocacy groups, the National Small Business Association and the National Federation of Independent Business.
The number of owners who believe the economy is doing better than it was six months ago has virtually doubled from a survey released during the summer, according to the NSBA survey. Forty-three percent of the 1,426 owners questioned had a more upbeat assessment, compared to 22 percent in the summer.
The survey is in line with others showing owners more upbeat after the election and at the start of 2017.
Looking ahead, 54 percent expect the economy to grow during the next year, up from 29 percent.
The more upbeat view is a reason for owners to add jobs, a shift from the recession and its aftermath, when owners said hiring was too much of a risk. Forty-three percent of the owners surveyed by the NSBA said they expect to hire in the next 12 months, up from 33 percent.