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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 →

You’ve finally done it! The kids are out of the house, you’ve finally gotten your finances under control, and you’ve built up enough home equity to pay cash for a home in some parts of the country. Now what? If you’ve thought about relocating to a place with a lower cost of living to reduce your expenses, what happens to your tax bill when you move?

It depends on what you do with your existing home.

Sometimes, simply selling the property might be the best option. You can maximize the gain exclusion ($250,000 for singles, $500,000 for married filing jointly). This exclusion will save you up to $75,000 in tax. If your profit on the sale is higher than these … 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 →

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