Introduction
If you’re a small business owner, you know that keeping up with the ever-changing tax laws can be a challenge. That’s why we’ve put together this list of tax tips to help you save money and stay compliant.
10 Tax Tips for Small Businesses
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Deduct the cost of business meals. The Tax Cuts and Jobs Act made it easier for small businesses to deduct the cost of business meals. Now, you can deduct up to 50% of the cost of meals for yourself and your employees.
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Take advantage of the research and development tax credit. The research and development tax credit is a valuable tax credit for businesses that invest in research and development.
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Deduct the cost of home office expenses. If you use a portion of your home for business purposes, you can deduct the cost of home office expenses.
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Deduct the cost of business travel. You can deduct the cost of business travel, including airfare, hotel, and meals.
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Deduct the cost of business gifts. You can deduct up to $25 per gift per recipient per year.
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Deduct the cost of charitable donations. You can deduct the cost of charitable donations up to 50% of your taxable income.
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Deduct the cost of business insurance. You can deduct the cost of business insurance, including health insurance, life insurance, and disability insurance.
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Deduct the cost of business education. You can deduct the cost of business education, including seminars, workshops, and conferences.
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Deduct the cost of business software. You can deduct the cost of business software, including accounting software, payroll software, and customer relationship management software.
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Deduct the cost of business marketing. You can deduct the cost of business marketing, including advertising, social media marketing, and search engine optimization.
Additional Tax Tips for Small Businesses
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Keep accurate records. This will help you ensure that you are claiming all of the deductions that you are entitled to.
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Meet with a tax advisor. A tax advisor can help you understand the tax laws and ensure that you are taking advantage of all of the deductions that you are entitled to.
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Stay up-to-date on the tax laws. The tax laws are constantly changing, so it is important to stay up-to-date on the latest changes.
Conclusion
By following these tax tips, you can save money and stay compliant with the tax laws. If you have any questions, please contact Sharon M. Gum, CPA.
About Sharon M. Gum, CPA
Sharon M. Gum, CPA is a full-service accounting firm that provides a wide range of tax services for small businesses. We are committed to helping our clients save money and stay compliant with the tax laws.
Sharon M. Gum, CPA helps businesses throughout Southern Illinois succeed by offering business setup and advisory services, tax preparation, payroll and bookkeeping services. You didn’t start a business to manage payroll and keep track of bank reconciliations. By outsourcing your books to our financial experts, you can get back to doing what you love. With over 30 years working as an accountant in Waterloo IL, Sharon M. Gum, CPA can save you time and money – whether you have 2 employees or 20. We would love to help your business succeed. We are proud of the relationships we’ve built with small business owners throughout Monroe, St. Clair, and Randolph counties.
