Tax Deductions for Your Small Business

Protect Your Small Business and Check Out These Tax Deductions for Your Small Business

Check out these tax deductions for your small business.

As a small business owner, it’s important to stay informed about anything and everything that can help your business. From the latest technologies to industry practices trending on social media, the more informed you stay up on your business practices, the better off your business will be. This philosophy is especially true when it comes to your taxes. As a small business owner, you have various opportunities to save on your taxes. Be smart about your taxes, save your receipts, and check out these top tax deductions for small businesses.

Business Expenses.

From legal fees to electricity bills, there are certain business expenses that you’re able to write off for your small business. Look into your current expenses, capitalized expenses, and your professional fees to see how they factor into your tax break. Save all your receipts and consult with your accountant to see how your operation costs affect your tax break.

Health Care Coverage.

Access to health care is mandated by federal law. If you choose to offer health care coverage to your employees, you may qualify for certain tax write-offs as a small business owner. Look into how your health care coverage affects your taxes.

Travel Costs.

As a business owner, you may be required to travel. From business meetings across the country to conferences, there are many reasons for business travel. These types of costs are generally tax deductible. From hotel stays to gas mileage, keep a careful record of your travel costs and receipts. That way you may be able to claim them on your company’s tax return.

Help your business practices and take advantage of your tax deductions. Use your extra savings to protect your business with the right business insurance. East End Insurance Agency has you covered. Located in Southold, New York, contact us for all your personal and commercial insurance needs.

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September 2019
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