Owning your own business can save you some big money at tax time. If you haven't filed your taxes yet or are getting ready to hit the submit button soon, make sure you've taken full advantage of all of these money saving deductions for 2017. The money you get back from your business returns this year can help you make improvements in your business that you can write off next year. Continually making their money work for them year after year is how smart laundromat owners keep their equipment running well, their stores looking fresh, and their customers coming back. For the best prices on coin operated washers and dryers in Greenville, SC, make the call to T & L for big savings!
If you're not getting as much back as you would like to be this year, there are several things you can do to help ensure your refund check next year is even larger. Here are four tips to help you get more money back next year.
- Balance the losses and gains from your investments. Being attentive to your investment performance throughout the year can help you decide when to sell underperforming investments and when to let go of appreciated assets. If your net loss exceeds the $3,000 you are allowed to write off to offset your income, don't worry. You are allowed to carry that writeoff forward each year until it is used up.
- Organize your tax records throughout the year. Not only will this help your accountant file your quarterly taxes it will also help you flag expenses that may get lost in the shuffle of paperwork throughout the year. Organize your expenses and your income monthly to ensure you're not missing out on any deductions next year.
- Take advantage of your home equity interest. Taking out a home equity loan with a lower interest rate is a perfect way to pay off those high interest credit cards or loans you are paying on every month. Typically the interest you pay on the first $100,000 of a home equity loan can be deducted on your taxes. There are certain limitations, so before you sign those loan documents check with your accountant to make sure you'll get the maximum benefit.
- Max out your tax-deferred retirement funding. Making the maximum allowable deposits to your retirement account early in the year gives you the ability to write off the compounding interest on your investments, and it reduces your yearly tax load.
Avoiding the stress and hassle of the last minute tax deadline scramble can help you take advantage of larger tax deductions and ensure that you're not missing expenses you could write off. Sitting down with your accountant and figuring out where to spend your tax return in your business should be a priority every year. Don't forget, you can write off the tax preparation services and the expenses associated with having the books kept for your business.
Coin Operated Washers and Dryers in Greenville, SC On Sale Now
Ready to spend your refund on new coin operated washers and dryers in Greenville, SC for your laundromat? Let T & L Laundry Equipment help you choose the best machines for your money. Not ready for new equipment? Upgrade your seating areas, folding tables, and bill changers or install cashless payment systems on your existing equipment. When it comes to upgrading your customers' experience in your laundromat the options are endless.
Call or come by today and put our 40 years of vended laundry experience to work for you!
