How to Save Money on Taxes 1

How to Save Money By Claiming Business Tax Deductions

This tax season you can save yourself hundreds or thousands of dollars if you know the correct business tax deductions to apply. 

There are literally dozens of game changing tax credits and deductions both small and large size business can incorporate to save a few extra off your tax bill. It is a myth to believe that only large businesses can benefit from these tricks, or that you need an account.

Knowledge is power.

How to Save Money on Taxes 2

Claiming Business tax Deductions and Credits

When it comes to tax deductions, you got to know those that apply to your situation and there are many which you can benefit from. It is very beneficial and you can amass greater savings if you know how to pay zero taxes.

Here is a list of business tax credits and deductions you can consider; there are quite a few options:

Business Credits and Deductions

There are literally dozens of deductions available to businesses. Here are some of the top business credits and deductions, which should also be considered by small businesses.

  • Cost of Goods Sold
  • Capital Expenses
  • Capital Versus Deductible Expenses
    • Motor vehicles.
    • Roads and driveways.
    • Tools.
    • Machinery parts.
  • Personal Versus Business Expenses
    • Business use of your home.
    • Business use of your car.
  • Not-for-Profit Activities
  • Employees’ Pay
  • Rent Expense
  • Interest
  • Taxes
    • Real Estate Taxes
    • Income Taxes
    • Employment Taxes
    • Carrying Charges
    • Repair and Maintenance Costs
  • Business Start-up Costs
  • Business Bad Debts
  • Other Expenses
    • Reimbursement of Travel and Non-Entertainment Related Meals
      • Reimbursements
        • Per Diem and Car Allowances
        • Meals
    • Miscellaneous Expenses
      • Advertising expenses.
      • Anticipated liabilities.
      • Bribes and kickbacks.
      • Car and truck expenses.
      • Charitable contributions.
      • Club dues and membership fees.
      • Credit card convenience fees.
      • Damages recovered.
      • Demolition expenses or losses.
      • Education expenses.
      • Franchise, trademark, trade name.
      • Impairment-related expenses.
      • Internet-related expenses.
      • Interview expense allowances.
      • Legal and professional fees.
      • Certain payments made in sexual harassment or sexual abuse cases.
      • Tax preparation fees.
      • Licenses and regulatory fees.
      • Lobbying expenses.
      • Penalties and fines.
      • Political contributions.
      • Indirect political contributions.
      • Repairs.
      • Repayments.
      • Supplies and materials.
      • Utilities.
      • Telephone.

Visit the IRS website for an in-depth listing and explanation for how to apply for each tax deduction for your business.

These listings are by no means comprehensive. So feel free to explore and research more tax information and benefit from greater saving. The IRS website is a great resource; especially as they are the ones auditing your taxes.

*****

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