For any small business, it is critical to be aware of available tax deductions in order maximize profit. Surprisingly, many businesses fail to realize some of the deductions that apply to their business. Here is a list of tax deductions shared by the US Small Business Administration that you should be aware of as a small business owner.
Many entrepreneurs decide to form an LLC in order to protect their personal assets from seizure by a bank or lender, but there are several tax advantages that incentivize LLC formation as well.
As a small business owner, you follow a different set of tax rules than your employees. Making estimated tax payments throughout the year is required and should be handled in a way that’s not particularly burdensome.
Now that you have started your business, you’ve heard you can write off automobile expenses. So are you ready to buy that luxury sports car and write off the costs of driving around town and run errands?