Friday Finance Fact: Small Deductions Add Up
Small business tax tip: Use QuickBooks Online to track small deductions like office supplies—they add up fast! Small expenses like office supplies, subscriptions, and coffee runs may seem minor, but they add up to significant deductions over time. QuickBooks Online helps you categorize and track these expenses throughout the year, so you don’t miss a thing during tax season.
Steps to Track Deductions in QuickBooks Online:
- Categorize small expenses under Office Supplies, Software, or similar categories.
- Snap and upload receipts using the QuickBooks Online mobile app.
- Run expense reports to review deductions regularly.
Every little deduction makes a difference in your tax bill. A Chandler CPA, like AZ Easy CPA, can ensure you’re taking full advantage.
Need help with your business finances? Contact Us! We offer monthly accounting and bookkeeping services, clean-up projects for past years, QuickBooks training, and phone consultations to help you stay on track.
