Posts Tagged ‘Deductions’
5 Tips to Help You Minimize Your Small Business Taxes
It’s safe to assume that everyone loves to save money. As a small business owner, the more capital you have, the easier it is to grow your business and generate more revenue. But when tax season creeps around the corner, an unexpectedly large portion of your hard-earned money could wind up in Uncle Sam’s pocket.…
Read More5 Ways Charitable Giving Works for Your Small Business
Making donations to a noble cause goes a long way—and not just for the receiver. Whether aware of it or not, small businesses can benefit tenfold for their generosity. Here are some of the advantages to help your business prosper in the long run and ultimately grow your bottom line. Receiving a Tax Deduction This…
Read MoreVehicle Tax Deduction for Small Businesses
Whether you’re self-employed or run a small business, chances are you use a car to get from point A to point B. Luckily, during tax season, you can claim your vehicle when Uncle Sam comes barging in. We’re going to go over the qualifications and methods you can use to estimate your expenses so you…
Read MoreWhy You Need to Track Your Business Mileage
The most successful small business owners share a few common traits — they work really hard, they get a little bit of luck and they work smart. One smart thing to do is to make sure you’re maximizing every tax advantage you have. One tax advantage many small business owners ignore is the miles they put on…
Read MoreSelf Employed? Here’s What You Need to Know About Business Insurance
Though 40% of small-business owners and 60% of home-based business owners (many of whom are self-employed) don’t have business insurance, they should. When you’re self-employed, you may not think of yourself as a business owner, but you are. This means the same concerns that apply to any small business apply to you, such as paying quarterly…
Read MoreTax Advantages: Reimbursing Employees for Education
Reimbursing employees for education expenses can both strengthen the capabilities of your staff and help you retain them. In addition, you and your employees may be able to save valuable tax dollars. But you have to follow IRS rules. Here are a couple of options for maximizing tax savings. An Employee Fringe Benefit Qualifying reimbursements…
Read MoreWhat Franchise Expenses Are Tax Deductible?
It’s everybody’s favorite time of year: tax time! [Collective groans from the audience.] In reality, nobody loves tax season. It’s a head-scratching time of year, and entrepreneurs and franchise owners alike always have plenty of questions that relate to their taxes. For example: do you know which of your franchise expenses are tax deductible? If…
Read More5 Tax Saving Tips Most Small Businesses Don’t Follow
Taxes are one of the biggest burdens facing small businesses. According to the Small Business Administration, many small businesses pay effective tax rates near 30%. Many financial experts argue that high taxes are killing small businesses. “The truly wealthy people pay nothing in taxes compared to me,” said Michael Fredrich, the owner of MCM Composites.…
Read MoreHow to Take Advantage of the Section 179 Deduction
Small businesses have a friend at the IRS. This friend, known as the Section 179 deduction, allows small businesses, in many cases, to deduct the entirety of a capital investment in a single tax year. Taking advantage of the Section 179 deduction is essential for any small or medium sized business. While this deduction is…
Read More2017 Tax Law Changes That Could Affect You
After “Auld Lang Syne” plays to usher in a new calendar year, you can always bet on the government and the Internal Revenue Service making changes and adjustments to tax laws from the previous year. Some years see lots of changes, while others only endure minor adjustments to the federal tax code. Below is an…
Read More