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Running a business comes with countless challenges, but when it comes to taxes, you don’t have to leave money on the table. Business tax deductions are a powerful way to maximize your savings, lower your tax bill, and reinvest in the future of your business. Understanding what qualifies as a deduction and how to leverage it can make a world of difference to your bottom line. Let us help you take advantage of these opportunities!
A tax deduction reduces the amount of your income that is subject to taxes, effectively lowering the taxes you owe. For business owners, many everyday expenses are deductible, from the cost of operating your business to travel, marketing, and even certain employee benefits.
Imagine taking control of your tax strategy while watching your business expenses reduce your tax liability. That's the power of understanding business tax deductions!
The IRS generally allows you to deduct items that are ordinary and necessary for running your business. There are dozens of deductions that can apply to small business owners, but here are some of the most common and impactful:
Whether you run a small home office or rent out commercial space, you can deduct the cost of furniture, supplies, and even a portion of your utility bills.
Business travel expenses can often be tax-deductible for small businesses, provided the travel is directly related to business activities. It is important to keep proper documentation in order to deduct all your business related expenses. When you travel for business purposes, you can deduct the cost of airfare, lodging, car rentals, and even a portion of your meals.
When you're conducting business over a meal—whether you're dining with clients, employees, or partners—a portion of the cost can be deducted.
Pay up to $14,600 per year at a 0% tax bracket, per child (2024 standard deduction for individual filers). Give an age appropriate job with written job description and keep a timecard. This can lower your business's taxable income, while giving children an opportunity to work and contribute to a family run business.
A Health Reimbursement Arrangement (HRA) is a plan in which employees can be reimbursed by their employer for medical expenses they have incurred. This becomes an expense to the business and is therefore deductible by the employers. If you are employing your spouse and / or kids, you can possibly deduct ALL of your families out of pocket medical expenses, if you structure your HRA plan correctly for your business. Our average client saves over $6,200 in taxes each year from just this one deduction alone.
Every penny saved through a tax deduction is one that can be reinvested into growing your business. Properly deducting business expenses allows you to:
Navigating the world of business tax deductions can feel overwhelming, but you don’t have to go it alone. With the right advice and tools, you can unlock significant savings that empower your business to thrive.
Get Started Today:
Don’t leave valuable tax deductions on the table. Reach out to our team today, and let’s explore the best strategies to save you money and reduce your tax burden this year.
Order our Tax Savings Program and start maximizing your deductions now!
Our Tax Saving Program includes:
No payment due today with plans as low as $47.48 per month for 12 months.
Click on the button below, then click "Pay Later" to see if you qualify.
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