Leading Accountant and CPA Keith Huggett Shares Top Tax Saving Tips to Help Local Business Owners – Roseville, CA

CPA Keith Huggett, founder at Next Level Accounting & Tax in Roseville, CA, reveals essential tax tips for small business owners. For more information please visit http://nlati.com

Roseville, CA, United States - August 7, 2018 /MM-REB/ —

In a recent interview, accountant Keith Huggett, founder at Next Level Accounting & Tax in Roseville, CA, offered some key advice and top tax tips to help small business owners. For more information please visit http://nlati.com

When asked to comment, Huggett said, “Many small business owners are unaware of the deductions they can claim to reduce their tax liability, which is probably around 20% of their income. However, a couple of small changes could help save thousands in taxes."

One deduction that can help small business owners save is by employing members of their family.

“If you need an extra hand around the workplace, then consider hiring a family member, and you could claim their wages as a business expense under the Federal Unemployment Tax Act,” he said.

Huggett added that, “this deduction is more complicated for certain types of business structures, such as certain partnerships and S corporations”.

“Claiming this deduction under the Federal Unemployment Tax Act can be a bit tricky, so consult with a tax professional before onboarding a family member to your business,” he said.

Another way to maximize tax savings, according to Huggett, is to have a thorough transaction tracking system.

When asked to elaborate, Huggett said, “One of the biggest mistakes that small business owners make is not keeping track of transactions as they happen. What then happens is that they try to recollect what they spent on months before, which often results in accounting errors and IRS fines.”

“As the owner of a small enterprise, having a detailed tracking system is vital to ensure the financial health of your company and to remain tax compliant. It will also help you and your accountant determine which deductions you qualify for,” he added.

Recording all car-related spending will help with vehicular usage deductions when tax season rolls around.

When asked about the benefits of this, Huggett said, "There are two deduction options for vehicular usage for business purposes. The first is based on the number of miles you’ve driven, and the second focuses on car-related expenses such as repairs, insurance, and maintenance.”

He added that if you keep track of all car expenses, then you can see which deduction could save you the most money.

Whether it’s for business transactions or car mileage, digitizing your tracking system through installing apps or software is a great way to ensure accuracy, according to Huggett.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Keith Hugget
Organization: Next Level Accounting
Address: 983 Reserve Dr, Roseville, CA 95678, USA
Phone: 916-960-9800

For more information, please visit http://nlati.com

Source: MM-REB

Release ID: 387499