Many small businesses have a number of tax deductions they can claim that ultimately save them a good deal of money. Any tax deduction will help business owners to reduce the amount of taxable income they have for their business, thereby minimizing the amount of taxes owed to the IRS at tax time. One good example is that of the interest one may pay on a student loan. Student loan interest is typically tax deductible, so a payment of $1000 in student loan interest can reduce the amount of your taxable income by $1000.
Here at Tax Alternatives we want to take this time to acquaint small business owners with a few of not obvious tax deductions that you can claim in your efforts to reduce the amount of your small business taxable income. Be sure to consult with your tax advisor when completing your income tax filings or else reach out to the professionals here at Tax Alternatives who are on hand to answer all your questions and to take care of your tax filings as well.
TAX DEDUCTIBLE ITEMS YOU CAN CLAIM
- Car Expense – If you routinely use your vehicle for your small business purposes, typically you can deduct any essential expenses linked to your vehicle. It is important that you keep accurate records of all your vehicle related costs for use when filing your tax returns. There is a standard gas mileage rate for business owners that comes into play each year. Be sure to check for the current mileage rate when accumulating your vehicle records.
- Home Office Expenses – You can deduct your home office expenses, whether you own or rent your home as long as you are using the office to directly manage the operations of your business and are not using any other location or facility for either administrative or managerial activities for your business.
- Charitable Donations – Small business owners find donating to a variety of charities to be a perfect strategy for providing a committed approach to not only creating goodwill relationships with local or even nationwide networks, but to ensuring allowable tax deductions for your small business. Whether monetary donations, supplies or even property donations, each allows you to increase your deductible costs in your efforts to bring down your taxable income.
DEDICATED PROFESSIONALS WHO SERVE YOU BEST
Tax deductions for small businesses can be quite challenging and tricky at the same time. Maintaining accurate books and records of all types of tax related matters can be an even greater challenge for many small business owners. With that said, the highly skilled and professional team of tax accountants and specialists here at Tax Alternatives in Brentwood stands ready to meet your every need. Our experts are steadfast in their commitment to provide all our valued clients with the highest quality tax filing services this side of the state. Having earned ourselves a spot on the marketplace charts, our team is committed to not only maintaining our reputable presence, but in providing 100% customer satisfaction to our every client. We tailor our skills and services to meet with your individual needs and only charge for the level of experience you specifically need. We take pride in our attractive prices, wide range of high-quality services we afford and in meeting the timelines and needs of all our clients. There is no project or task too big or too small for our team of professionals!
If you are in need of top-rated tax services or are in need of additional information about allowable tax deductions for your small business, then surely you have come to the right team. Simply give a shout out to one of our team members today and let us help you find every possible way to reduce your taxable income and minimize your tax payments year after year. Don’t delay. The tax deadline is a mere 17 days away!!