Saving your Small Business thousands of dollars each year in taxes:

Toro Accounting & Consulting Services LLC of Orlando, Florida is your best source for accounting advice. Recently one of our new clients using both the mileage the rate of 58.5 cents for 2008 and by collecting the small receipts for the petty cash will save over $21,567.00 this year!

• Vehicle Depreciation Limits
  Vehicle Depreciation Limits for 2008 (used 100% for business) is only $3,060.00, then $4,900.00 for 2008 and then $2,850.00 for 2009?
  Problem: It would take a business over 17 years to depreciate a $35,000 vehicle
  Answer: The mileage amount for 2008 is 58.5 cents a mile, and our average business owner drives about 27,000 miles a year which equals a tax deduction of $15,795
• Petty Cash  
  Most business often forget to get the “little receipts” (for items like soft drinks, newspapers, cleaning supplies and “out of the pocket” traveling expenses).
  Problem: Missing the small receipts for $165.00 weekly totals $8,580.00 a year in additional income & taxes (average small business).
  Answer: Using our simple petty cash envelope will allow a business owner to deduct all “out of pocket” expenses. Which will result in saving $2,402 in taxes (average small business owner)!
• Travel & Entertainment
  Entertainment limit is 50 % deductible, and Travel is 100% as long it is the benefit of the business (purpose) instead of losing half of the expense, there are times that office meals and promotional expense can be deducted at 100% for items like parties and office meetings.

Let us provide the details to max all deductions for your business today! CONTACT US regarding our accounting and tax related services. Call us or  send us an Email for more information. We will gladly provide more detail regarding our area of expertise.

 

 

Tags: hispanic CPA, portuguese speaking tax advisor, small business accounting, spanish speaking tax advisor, taxes, vehicle depreciation