12 Frequently Overlooked Business Tax Benefits
When tax season rolls around, it’s imperative that you’re able to preserve as much of your business’s cash flow as possible. This means knowing about all of the business tax benefits you’re eligible for and writing off your assets accordingly. However, there are a handful that are overlooked by thousands of business owners each and every year. Next time you fill out your tax forms, remember the following:
This isn’t just a random room in your home from which you conduct business. However, if there’s a room in your home that’s reserved wholly for business purposes – like an office – you can write off part of your expenses when it comes to rent.
Sticky notes, staples and paper clips might be inexpensive purchases, but the cost adds up over time. Save the receipts so you can deduct these costs when it’s time to file taxes.
If you run a business with a lobby or other waiting area, you may be able to deduct the cost of new furniture when you invest in this upgrade.
Technology and Other Necessities
Computers, internet and other necessary expenses are also oftentimes covered. If it’s a critical part of your everyday operations, the odds are that you can factor it into your business expenses.
Software that keeps your business moving is considered a part of your regular expenses as well, as it’s necessary in order to hold your organization together.
If your business relies on vehicles to get the job done, keep track of the mileage. The miles really add up, and each and every one of them can make a huge difference when you go to file your taxes.
Traveling for business isn’t always cheap, but thankfully it is tax deductible. Entertainment, lodging and food are all taken into consideration by business tax benefits.
You can also claim your insurance premiums. This is particularly applicable to self-employed individuals paying for their own health insurance.
Having an employee retire is always difficult, but it helps that your contributions to the retirement fund matter when it’s time to file taxes.
Telephones and their accompanying expenses are also deductible. This is only applicable to phones used only for business calls, however.
Employing your kids is not only convenient, but also profitable when it comes to tax season.
If you’re self-employed, you’re actually paying double the expenses when it comes to social security as others. However, half of this can be claimed when you file taxes.
These are all business tax benefits you should take into consideration to make the most of your business’s funds during tax season.