Lowering your tax liability is a primary aim of business owners. Did you know there are qualified expenses you can deduct from your taxes? This guide shows you some of the most common business tax deductions.
You can claim deductions on the following items:
You can claim your utility bills as business tax deductions. Things such as electricity, water, natural gas, trash, and more can qualify. The caveat here is can. If you set up an office out of your home, things become a bit more complicated. You have to demonstrate to the IRS that the space is solely for business purposes. To demonstrate, the first landline phone line isn’t tax-deductible since others in the home can use it for personal reasons. However, if you add another line, then you can deduct it.
Your business might need insurance needs, such as continuation, health, life, auto, and other policies. All of these policies bought for your business only can qualify for tax deductions. Moreover, if you hire employees and pay for their health insurance, you might receive a tax credit of up to 50% under QSEHRA.
When you set up your company, you’ll need office furniture, supplies, computers, software, consulting services, attorney, property rent, advertising, and more. If you rent a space for your company, you can earn business tax deductions on the mortgage interest, repairs, depreciation costs, and more. Check with the IRS to ensure your building qualifies before claiming these deductions.
Any vehicle expense related to business can qualify for a tax deduction. The IRS also allows you to earn credit for every mile (currently $0.58) you drive for business purposes. Keep in mind if you split the vehicle between business and personal use, you need to provide accurate accounting for when you use it for your company.
When you hire employees, you can deduct the money paid for their salaries and bonuses if they are not sole proprietors or partners–indicating they’re not employees. If you offer programs like education assistance or retirement accounts, any money paid to these also earns you business tax deductions.
Should the nature of your business require you to travel out of your city regularly for more than one working day at a time, you can claim eligible travel expenses. These include hotel, flight, and rental car.
As you file your tax return, you need to complete Schedule C. In it, there are sections for income and expenses. Using this form allows you to calculate your taxable profit.
Running your business takes enough of your time. If you do not have much to devote to taxes, let our experts assist you. Every year, we undergo rigorous training to ensure we’re up to date on all the changes in tax law. In turn, we can help you find all the deductions to lower your tax liability while keeping you compliant. Learn more about our services today.
At Clear View Business Solutions, we know you want your business to prosper without having to worry about whether you are paying more in taxes than you should or whether your business is set up correctly. The problem is it's hard to find a trusted advisor who can translate financial jargon to layman's terms and who can actually help you plan for better results.
We believe it doesn't have to be this way! No business owner should settle for working with a CPA firm that falls short of understanding what you want to achieve and how to help you get there.
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At Clear View Business Solutions, we know you want your business to prosper without having to worry about whether you are paying more in taxes than you should or whether your business is set up correctly. The problem is it's hard to find a trusted advisor who can translate financial jargon to layman's terms and who can actually help you plan for better results.
We believe it doesn't have to be this way! No business owner should settle for working with a CPA firm that falls short of understanding what you want to achieve and how to help you get there. With over 20 years of experience serving hundreds of business owners like you, our team of experts combines financial expertise and proactive communication with our drive to help each client achieve results and have fun along the way.
Here's how we do it:
Discover: We start with a consultation to understand your specific goals, what's holding you back, and what success looks like for you.
Strategize & Optimize: Together, we design a customized strategy that empowers you to progress toward your goals, and we optimize our communication as partners.
Thrive: You enjoy a clear view of your business and your financial prosperity.
Schedule a consultation today, and take the first step toward being able to focus on your core business again without wondering if your numbers are right- or what they mean to your business.
In the meantime, download, "The Business Owner's Essential Guide to Tax Deductions" and make sure you aren't leaving money on the table.
