Unexpected Small Business Tax Write-Offs
You may be surprised to find out that there are a few tax write-offs available to small businesses that are often overlooked. Whether you’re a sole proprietor or run a small company, make sure you take advantage of these deductions to reduce your taxable income. You’d be shocked at how much the deductions help out.
With that said, take a look below at some of the most common business tax write-offs.
Small businesses can deduct the cost of business-related expenses, such as office supplies, marketing costs, and travel expenses. These deductions can be taken whether the business is operated as a sole proprietorship, partnership, or corporation. This is a small business tax write-off that every company should take advantage of.
Small businesses can deduct start-up costs, such as legal and consulting fees, market research, and advertising expenses. These deductions are available for companies that were established within the past five years. Receiving money back for start-up costs is one of the business tax write-offs that’s a huge help to new businesses.
Equipment and Machinery
Small businesses can deduct the cost of equipment and machinery used in their business operations. This deduction is available for both new and used equipment. As you can see, tax write-offs for businesses are available for almost every aspect of business operations.
Small businesses can use tax write-offs to deduct the cost of operating a vehicle for business purposes. This deduction is available for both personal and leased vehicles. If you own a transportation company, this is a huge help.
Interest on Business Loans
Small businesses can deduct the interest paid on loans used for business purposes. This deduction is available for both secured and unsecured loans. When it comes to business tax write-offs, you don’t want to skip this one.
A business can depreciate the value of certain assets over time. This includes buildings, machinery, vehicles, and equipment. Depreciation is a complex topic, so it’s best to speak with an accountant to see if this deduction is right for your business.
These are just some of the tax write-offs for business owners that are available. Be sure to speak with an accountant or tax professional to learn more about deductions that may be available to your business.
Also, if you feel overwhelmed during tax season, there are many resources that can help. Click the link to this homepage to get more information about eFile360.
The Benefits of Business Tax Write-Offs
As you can see, there are several business tax write-offs that your company can take advantage of. Don’t miss out on any that apply to you! Trust us, they’ll definitely help your business in the money department.
That’s all for now. We hope you found this article helpful. If you did, be sure to check out our website for more content like this.
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