Many small businesses deserve more tax deductions than they are claiming. Reviewing these 5 important small business tax deductions will help you pay less at tax time and keep more of your hard-earned income for your employees, your investors, and yourself.
Is your business claiming up to a 20% business income deduction? What about the taxes you paid last year, or that home office remodel? Claiming these valid deductions will reduce your taxable business income and help you limit quarterly or estimated taxes for next year.
You may be able to claim educational expenses, employee medical insurance costs, and a percentage of your home mortgage if you use that space for business purposes. Utilities like electricity and internet bills might be deductible as well.
Is your accountant or income tax preparer asking for information about these expenses? With this checklist, you can bring everything you need to your tax appointment and ask the right questions when you get there. If you file your own business tax return, this information may be even more valuable.
At FastFilings, we strive to help our business clients save time and money, starting with fast online processing for business forms and license applications. Let’s take a deeper look at these 5 common tax deductions for small businesses and how each one might apply to your own small business.