Small business owners know every penny counts. Implementing a smart strategy for your business taxes can help you save money when it's time to pay. The accountants at Fisher & Hodges CPA’s AC in Princeton, WV, can help you reduce your tax burden significantly by putting their almost 30 years of experience to work for you. They provide clients with sound strategies and excellent advice for reducing their business taxes.
Key Deductions to Cut Your Business Taxes
Small business owners often work unusual hours, including many from their residence. Depending on how much time you spend working in a home office, you could deduct a portion of your mortgage, utilities, and insurance expenses from your business taxes — just save your receipts.
A sizable chunk of the deductions for most small businesses is for purchases. Equipment you need to do your job, including furniture, electronics, and software, can produce a significant tax write-off. However, there is a limit to how much you can deduct, and you must provide a receipt for each item.
Donations to Charity
In addition to helping others, charitable donations can alleviate the burden of your business taxes. Cash, property, and supply donations are tax-deductible contributions. Though there’s no deduction for the time you spend volunteering, keep track of mileage to and from events since it might qualify as a write-off.
Though your daily commute to your company isn’t deductible, track all other business travel costs, including mileage, parking fees, and tolls. You also can write off business-related travel charges like airfare and hotel bills.
Enhancing your knowledge by attending a class or conference can benefit you at tax time. Tuition and registration fees are valid expenditures if the education you receive is related to your business operations.
It’s never too early to prepare for tax time. If you would like to discuss ways to save on your business taxes, the accountants at Fisher & Hodges CPA’s AC are ready to help. They work with a variety of small businesses in the Princeton, WV, area on tax planning and bookkeeping to make them more cost-effective. Call (304) 425-2470 or contact them online to arrange a consultation. Like them on Facebook for more tips and news from their CPAs.