Every small business owner wants to save money — and small business tax deductions are one way to do just that.
Small business owners spend time each January reviewing invoices and receipts as a first step toward filing their taxes. But this process typically results in spending money rather than saving it. Let’s flip this concept on its head for a moment. In reality, tax time can be a time when you save money if you take advantage of all the small business tax deductions that are available and appropriate for your business. Instead of sending money to the government, you could be channeling it back into your business. Wouldn’t that be amazing? Since we know you agree, take a look at the top 37 small business deductions you should take advantage of this year.
1. Vehicle Expenses
2. Home Office
3. Bonus Depreciation
4. Professional Services
5. Salaries and Wages
6. Work Opportunity Tax Credit
7. Office Supplies and Expenses
8. Client and Employee Entertainment
9. Freelance/Independent Contractor Labor
10. Furniture and Equipment