5 Common Tax Mistakes Startups Make From Paperistic (@paperistics) It's tax time. Filing taxes can be a real learning curve for many young founders and small-business owners. Unknowingly, they might be leaving hundreds, even thousands of dollars off the table. Often times, entrepreneurs are simply not aware of deductions. Another big mistake new entrepreneurs make is not keeping records of expenses. Receipts are easy to lose and if you can't prove it, you can't deduct it. To save headaches and money, go through these 5 common mistakes and tips on how to avoid them.

1. 5Common
Tax Mistakes
Startups Make
Paperistic

2. $1 BILLION
2013 est.
American Taxpayers
overpaid
in taxes

4. That’s a heck of
a lot of money.

5. You might be leaving
hundreds, even thousands
off the table.

6. tax mistakes
AND OVERPAY
UNCLE SAM
5
common
startups make

7. 1FORGETTING
startup costs

8. EXPENSES YOU
RACK UP
before the business opens its doors
are
DEDUCTIBLE.

9. Examples
Your first
computer
Lunch with an
investor

10. There’s no
time limit
to how far back
expenses were incurred.

11. You can deduct up to
$5000
FOR THE FIRST YEAR

12. 2 NOT KEEPING
receipts

13. is a common
MISTAKE.
LOSING RECEIPTS

14. Your wallet is not
a filing cabinet.

15. Can’t deduct what you
can’t prove.

16. How we store receipts
1. Take a picture
2. Upload to cloud
3. Throw it away
recommended
way to keep
receipts safe

17. (in audits)
IRS accepts digital receipts.

18. 3 car expenses
the easy way
Crunching

19. Easy way for calculating
CAR EXPENSES
56¢ per mile
IRS mileage
rate for 2014.

20. that could result in extra savings.
There’s an alternate way

21. Business Miles Driven
Total Miles
% of Business Use
apply this to all car expenses

22. Examples
● Repairs
● Oil Changes
● Tires
● Registration
● Insurance

23. Keep milage logs.
IRS may ask

24. 4 Home Office
not using the
deduction

25. Home office is a room
in your home used
exclusively for business

26. Most startups don’t claim it!
If you are eligible, no reason
not to claim it.

27. utilities or insurance,
if you qualify.
Write off rent, mortgage,

28. 5PROFESSIONAL
HELP
not getting

29. tax laws complex.Remember guys: are

30. Donald
Rumsfeld
doesn’t understand
them.
even

32. ★ do your homework
★ keep good records
★ seek professional help

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