Every penny counts when owning a small business. Luckily there are three ways to save on your small business taxes.
Savings Tip 1: Buy to save
Whenever buying equipment, technology, software or furniture save the receipts. Keeping a detailed record will allow you to substantiate an expenses you claim on your tax return.
Savings Tip 2: It’s always a season for giving
Company donations such as money, supplies and property are deductible expenses. This includes bonuses, associated payroll taxes.
Savings Tip 3: Business is close to home
Or is your business actually in your home? If so you are able to deduct mortgage interest, insurance, utilities, repairs and depreciation.
Lodestar Advisors is an independent accounting firm positioned to respond to clients’ exacting expectations for clarity, transparency, and support. They are well versed in deductible business expenses and their expertise can ease your day-to-day workload in tracking them. Call for a free consultation.