Paying taxes is a standard aspect of owning any business, but do you know if your farrier business is being over-taxed? Missing out on deductions and forgetting to list expenses can spell lost money, especially when the issue continues from year to year. These four tips can help you ensure that your farrier business is being taxed fairly, and that you’re not paying more than you should be.
1. Start With a Visit to Your Accountant
First, schedule a meeting with your accountant to make sure that your business is filing correctly for taxes each year. Your accountant is a great resource when it comes to taxes, and they may have insight into tax breaks and incentives that can benefit your business.
If you’re missing out on deductions, you may be paying far more in taxes than you should be. Make a list of any questions you have before the appointment, and use this time to get well-informed answers. Don’t rely on the internet to tell you whether a specific expense is deductible; tax law is too detailed and situation-specific for generic answers to be accurate. Think about all of the expenses potentially related to your business, and ask your accountant whether they can be deducted, even partially.
2. Use The Farriers App to Track Expenses
Receipts have a way of going missing before we even know what happened.The Farriers App makes tracking your expenses simple, and keeps them all in a centralized location. Just enter your expenses into the App, and that’s it. At the end of the year you can access these records and provide them to your accountant.
3. Use The Farriers App to Track Your Mileage
Mileage is a major deduction, especially if you have clients spanning large distances. Problem is, you have to track that mileage accurately in order to be able to deduct it. That’s why The Farriers App has detailed mileage tracking that can help to keep your records straight. There’s even a map function so that you can better schedule your appointments to cut down on your driving time. Never miss a mileage deduction again!
4. Keep Detailed Records of Your Invoicing
Keeping accurate records of your income is essential to filing your taxes, and it can help prevent a major headache at the end of the year. If a client doesn’t pay, but you don’t have records of that, you might inadvertently report more income than you actually made.
Of course, keeping detailed invoicing records when you’re out in the field is difficult, and sometimes gets missed. The Farriers App can change all of that. The in-app invoicing function is streamlined and easy to use, and you can tell at a glance which accounts have been paid – and which haven’t.
Want to give The Farriers App a try? You can download and use the App, commitment-free, for 30 days. See the difference that it makes for your farrier business, and see how valuable it can be in ensuring that your taxes are accurate and fair. Sign up for your free trial