Small businesses in the US are fortunate enough to have enough possible tax saving options to save their money. Starting from your initial start-up costs to business gifts, here are some of the best small business tax savings tips you may be missing out on. All expenses must meet the IRS definition of ordinary and necessary to be deductible.
Advertising and Marketing
Small business tax savings may come from website expenses, business cards, promotional material, social media, etc.
Accounting Expenses
Samll businesses can deduct expenses for a bookkeeper, accountant, CPA, or tax adviser to help you manage your finances and deal with tax issues.
Dues and subscriptions
This small business tax savings tip includes routine fees for software, trade organizations, merchant (credit card) fees, etc.
Labor Expense
This includes employees and independent contractors.
Professional Development
This includes classes and training’s taken to develop skills related to your business.
Professional Fees
This includes legal, accounting, consulting and other professionals.
Meals (50%)
Meals with a business purpose that meet the IRS definition are deductible at 50%.
Office Equipment and Supplies
This includes computer, printer, furniture, paper, ink, pens, staples, postage, etc.
Office Overhead
This includes rent and utilities for office space, telephone, etc.
Public Transport
As a pre-tax payroll deduction, transportation costs for business reasons can reduce employer payroll taxes.
Mileage
Based on the business owned vehicles mileage tax savings can go up-to 45p per mile for the first 10,000 miles, then 25p per mile.
Darren Trumbler is a versatile content writer specializing in B2B technology, marketing strategies, and wellness. With a knack for breaking down complex topics into engaging, easy-to-understand narratives, Darren helps businesses communicate effectively with their audiences.
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