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 LaborOf 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 children… Read more →

When you have a home-based business, time is truly precious. Sure, you have the flexibility to do things that people who work a nine to five job can’t do, but you also often wind up working much longer hours, too. By the time you’re done working, there’s so little precious time to spend with family, the last thing you want to do is clean the house. For many small business owners, a housekeeper is just the solution they need.

Not only that, if you have a home office where you have customers or clients visit you, you want to make sure everything is tidy and presentable. Keeping your office in top shape is a legitimate business expense. That means tax … Read more →

A few years back, 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… Read more →

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