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In 2017, you signed a three-12 months insurance contract. Although you paid the premiums for 2017, 2018, and 2019 whenever you signed the contract, you possibly can only deduct the premium for 2017 in your 2017 tax return. You may deduct in 2018 and 2019 the premium allocable to these years. In almost any weblog, book, or article about small enterprise taxes, the biggest mistake small business owners make is just not recording enough deductions. Yes, you heard that proper. In case you are self-employed or own a enterprise, you can seriously be lacking out on some financial savings.
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Put systems in place that may furnish you with the documentation you want. Keep your business nimble and ready for anything with a back-office system that effectively manages paperwork, reporting and taxes. 10. They (or their accountant) ought to retain all relevant tax information for a minimum of three years, and if their data relate to property and depreciation, they need to maintain them till the property is disposed of, plus an additional three years.
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