As a small business owner, you do everything you can 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 children … Read more →

That first year or two of business can be a real boon from the tax perspective. If you make very little money or have a loss, you can be looking at a significant break on your taxes. The goal for any business, of course, is to turn a profit. Once that happens, things are quite different from the perspective of taxes.

When your business hits its tipping point and starts to turn a profit, there are some things you’ll want to do to make the transition easier from a tax perspective:

•Begin making estimated tax payments quarterly.

Some experts will tell you that you’re better off waiting to make estimated tax payments on a quarterly basis until you’ve actually shown … Read more →

Some businesses rely on a vehicle or even a fleet of vehicles to perform their daily tasks. You might have a plumbing business, for example, and a van that takes you from one customer to the next. Your bakery might have a delivery truck, insuring that local restaurants all have freshly baked bread each morning.

Whatever the reason for your business vehicle use, you need to know that there are implications from the business use of vehicles. Here are some things you need to know about the business vehicle deduction as far as the government is concerned:

Business Vehicle Deduction Considerations

•Not all vehicles qualify for the business vehicle deduction. For example, vehicles that are used as equipment – such … Read more →

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