Owning your own business is one secret in your favor when it comes
to tax laws, it’s to your advantage. As a business owner, there are hundreds of deductions that are available. Some business owners are not aware of the various tax deductions that are allowed.
Hire a professional to review your tax deductions. Don’t just hire an accountant or CPA to prepare your taxes, ask for a complete review of the tax deductions that will work in your favor. You don’t only need a tax preparer you need a tax planner.
Listed below is just a few tax deductions that are not well known, business owners may not know they can deduct:
Corporate Meetings: Each year you need to update formal company documents which is required by law, financial records, appointed officers and minutes of all meetings. Combine your vacation and corporate annual meeting as an owner. The entire trip can be tax deductible.
Rewarding Your Employees: Rewarding your employees with a check is not deductible. You may give an employee a tax deductible gift which may include golf clubs, high def TV, furniture, etc. Any type of gift other than cash. You may reward an employee for the length of time they worked for the corporation, achievement in sales, or even for safety.
Gifts to Other Businesses: Giving a gift to another business owner or employee (purchasing agent) has an unlimited amount. Many businesses owners may purchase promotional items imprinted with their business name and logo or different types personal items like gym memberships.
Educational Seminars: These are tax deductible. Training for new software, further knowledge of business operations or even something totally different that has nothing to do with your current business.
Relocating Expenses: If you’re planning to relocate an employee, the moving expenses are tax deductible, it can be on the other side of town of the other end of the country.
Retirement Plans: Contribute money in your retirement plan for yourself and/or employees, tax deductible.
Home Office Deduction: If you use your home exclusively and regularly you can claim a business deduction on your home.
As your principal place of business, or
As a place to meet or deal with patients, clients or customers in the normal course of your business, or
In any connection with your trade or business where the business portion of your home is a separate structure not attached to your home.
For certain storage use, rental use, or daycare-facility use, you are required to use the property regularly but not exclusively.
Generally, the amount you can deduct depends on the percentage of your home used for business. Your deduction for certain expenses will be limited if your gross income from your business is less than your total business expenses.
With so many tax laws, take the time to research a professional tax adviser
and preparer. Some tax laws change from year to year which most people are not aware of. I have found it beneficial in having our certified public accountant that can assist us in any questions we have and advise us with tax deductions, what is deductible and what isn’t.
Home Business Tax Deductions
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