Updated: May 10
As you may know the new tax deadline for 2021 is May 17th. Due to COVID-19 Pandemic, the government extended the deadline from April 15th to May 17th, 2021. All individuals in need of tax preparations still have an opportunity to get serviced for the 2020 tax year without penalty. However, if you need more time to file your 2020, you can request an extension by May 17th. Filing an extension will give you up to six months.
Are you a small business owner without an EIN for your business? Well, you can still legally file your business on your tax return and write-off business expenses, as applicable. Many people believe the myth, if they're paid cash or don't have complete record of all business transactions, they're ineligible to file a business tax return, not true.
It is advisable to keep a good record of your transactions but, you can file all the expenses regardless. Visit for more help and details www.jvictorianbusiness.com
We offer bookkeeping or record-keeping assistance to make your reporting easier and user friendly. Even though, you may lack some receipts or record of your business expenses, you can still report this information on your tax return. The receipts of your business activities are for your record, in the event an audit is requested, you can use this as proof. But, if you have bank statements and other details to give a close estimate of this information, we can assist you with completing your return and prepare your profit & loss records for future processing.
Did you know, you can write-off the square-footage space of your home office and all utilities used in this space? For example, you have to use your electricity, water, phone and internet to maintain your company. Therefore, all of these are qualified expenses and they can be deducted on your business tax return.
Do you drive for Lyft, Uber or other Rideshare companies? Well, you may know you're considered an independent contractor. So, you can write-off all related expenses for your vehicle and phone as it is used for these services. If you work and receive a W-2, you can have a business return attached to your personal return in the form of Schedule C to reflect your business activities. This is helpful to reduced your taxable income and give proper credit of your business spending, separate from your personal. Give us a call and allow us to assist you in maximizing your deductions. Call us now 1-4042876641 or visit www.jvictorianbusiness.com