Being a small business owner means you wear many hats. Performing all the roles that you do to make your business successful is rewarding, but it can also make it difficult to cover every base effectively. One of those areas is the constant changes and updates to small business tax law and how you can leverage small business tax breaks.
There are many different areas in your day-to-day operations that impact your taxes. Decisions like:
- Home-office deduction
- Office furniture and decor
- Website costs
- Professional service fees
- Charitable donations
- Marketing and advertising
These are just some of the many decisions you may make this year that can impact your business taxes. There are many more. The key is to look at tax credits and not just deductions. (Just as a refresher, deductions lower your taxable income amount and credits are a dollar-for-dollar reduction in your tax bill) By utilizing every break you can help your business.
Of course, it can always help to have help in reviewing your business and that’s what we’re happy to do. We know tax law can be challenging, so if you have questions, or aren’t sure. Let’s talk.