Learn what you can write off on your taxes for your small business.
Running a small business can be tough. You’re responsible for managing a tight budget to help your business succeed. We want to help you evaluate your finances and determine where you can save on your business expenses. Check out how your small business can take advantage of tax write-offs!
Business Expenses.
Your business has the opportunity to claim business expenses on your taxes. From legal fees to electricity bills, there are certain business expenses that you can claim on your taxes for a write-off. Just make sure to categorize them properly. Keep your current expenses with your current expenses and capitalized expenses with your capital expense. Save all your receipts and categorize all your expenses properly.
Healthcare Costs.
As a small business owner, you can get quite a large tax write-off for your healthcare costs. If your company provides employees with healthcare, you can claim up to a 100 percent deductible. Talk to your accountant to see exactly how your healthcare costs affect your taxes.
Travel.
When you travel for business, you’re able to deduct your expenses on your taxes. From flights to hotels to miles on your car, you can claim a number of travel costs on your taxes. Plus, 50 percent of any meals costs you incur are tax deductible. Just remember to save your receipts.
Tech Costs.
Keeping your computers up to date is an essential part of running a business. Fortunately, you can claim your software subscriptions on your taxes just like you can magazine subscriptions.
Retirement Contributions.
Contributing to your retirement fund gives you a tax break. If you’re self-employed, and you contribute to a retirement account, your can claim these on your personal tax return.
Keep your small business’s finances in check and get all the deductions that you need. Then protect your business with the right commercial insurance. Contact the professionals at Weaver & Associates Inc. Our team in Arcadia, California provides you with dedicated service and expertise when finding the best personal and business insurance for your needs.
