tax deductions

As a small business owner, you do everything you can do to remain profitable. You carefully watch expenses, you work long hours, and you strive for efficiency.

One of the expenses you can’t avoid as a small business owner is taxes. If your business makes money, you’re going to owe taxes. Fortunately, there are plenty of small business tax deductions available that help.

Here are some of the most overlooked small business tax deductions, and what you can do to take advantage of them:

Child Labor Of course, we’re not talking about sweatshop conditions for poor inner-city children here. We’re talking about putting your own family to work in your small business. Depending on the amount that you pay your… Read more →

Years ago, the rules for deducting business-related entertainment expenses changed. The deduction was cut in half, only allowing you to deduct 50% of the expense. This was a bit of a blow to many small businesses, and since then we’ve all been trying to find ways around the 50% limit.

There are a number of different ways you can max out your entertainment deduction. Some of the most common include:

Entertain in your home, and conduct business. Your home is conducive to business. If there is a business intent to a gathering and business is discussed or conducted, you may be able to deduct the costs. Beyond that, however, if the business is in the form of a party for… Read more →

We’re sure you’re aware that there is a right way and a wrong way to do your taxes. But sometimes, tax deductions aren’t as “cut and dry” as they seem.

Take, for instance, the junkyard owner who had a rodent problem. Instead of hiring an exterminator, he bought cat food and put it out to attract feral cats. The cats took care of his problem and he claimed the cost of cat food as a business expense.

Or how about the taxpayer who tried to claim the cost of a daily sitter for his dog? It seems this pet owner thought his dog was unable to make it through the day alone.

One of those deductions was successful. Can you … Read more →

Get more information 888-5-TAXPLAN | Contact