Top CPA and Accountant Pauline Ho Offers Best Tax Tips to Help Small Business Owners – Orlando, FL

CPA Pauline Ho, senior accountant at Laus Consulting Services, LLC, in Orlando, FL, has just announced some essential tax saving tips to help small business owners. For more information please visit http://lausconsult.com

Orlando, FL, United States - August 7, 2018 /MM-REB/ —

In a recent interview, CPA Pauline Ho, senior accountant at Laus Consulting Services, LLC, in Orlando, FL, offered some of her top tax tips to help small business owners keep more money and grow their businesses.

For more information please visit http://lausconsult.com

When asked to comment, Ho said, “Smaller enterprises are taxed on average at a rate of roughly 20%; however, there are things that small business owners can do throughout the year to minimize and accrue thousands in tax savings through tax deductions."

One of the most crucial tips that Ho can offer to business owners is to implement a reliable system to track business spending.

When asked to elaborate, Ho said, “Reporting every business transaction as it happens is the best way to ensure a smooth tax season while taking advantage of as many tax deductions as possible.”

She added that many people try to backtrack and remember expenses from previous months, something that could lead to accounting errors and possible IRS fines.

“You can use software or apps to digitize your tracking system and avoid paper records, which will help in working with accountants to devise the best tax strategy for your company," Ho said.

Keeping track of car-related expenses can also maximize tax savings.

“You have two options in deducting vehicular usage for business purposes. The first one is based around the number of miles driven, and the other one is about car-related expenses such as gas, insurance, and repairs,” she said.

Maintaining accurate mileage and car maintenance records will allow you to evaluate which deduction can save you the most money.
Similar to tracking business transactions, Ho said, you can use technology such as the MileIQ app to track all car expenses.

Employing a family member to help with your business could also help you take advantage of tax deductions.

When asked to elaborate, Ho said, "The government offers incentives for small business owners who hire qualified family members such as allowing owners to deduct their family's wages as a business expense."

Ho added that this deduction under the Federal Unemployment Tax Act doesn't include entities such as S corporations or certain partnerships.

"Qualifying under the Federal Unemployment Tax Act is not always straightforward as there are some caveats. Before making any major decisions, consult an experienced tax accountant to see if you qualify,” she added.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Pauline Ho
Organization: Laus Consulting Services LLC
Address: 879 Outer Rd B, Orlando, FL 32814, USA
Phone: 407-401-9768

For more information, please visit http://lausconsult.com

Source: MM-REB

Release ID: 387494