As a small business, there is little wiggle room financially. Every dollar counts. This means that business owners have to be thinking of all the ways that they can save money. One way to save money is to have the right tax planning strategies in place. Sometimes, this can be easier said than done. Putting it all into practice can be harder than you might think. Mark Dicus & Company is here to talk about some tax planning strategies that can help businesses save money and avoid giving it up in taxes each year.
Detailed Records are Widely Beneficial for Small Businesses
There are several things that small businesses can do to plan for taxes and keep money in their pockets. Detailed Records: Small businesses have to keep detailed records in order to be successful. Parts of these records include invoices, receipts, and documented transactions. When there is detailed tracking of the daily operations of a business, the potential deductions can be identified, and business owners can ensure that they are compliant with all tax regulations.
Don’t Forget Deductible Small Business Expenses
Small businesses can also take advantage of many different deductible expenses that can help to lower their tax bill.
– Home Office: If you use a portion of your home for a home office, you cannot claim part of your home and the expenses that are included in that as a deduction on your taxes. You need to make sure that space is only being used for your office though.
– Employee Expenses: Some of the expenses that come with having employees can be deducted as well. This might include salaries, wages, bonuses, benefits and more. If there are any expenses that are included in training employees, travel or professional development, they could also be deductions.
– Depreciation or Amortization: There are some assets that can be deducted from taxes over time. That includes both tangible assets and intangible assets. Tangible assets might include equipment or machinery. Intangible assets include things like patents and trademarks.
– Travel & Meals: If you are traveling on business, make sure you are keeping your receipts so that you can write travel off on your taxes. Travel expenses include meals, lodging, car rentals, and more. Just make sure you are following the IRS guidelines on this subject.
– Research & Development: It is important that you are condense developing your business and doing your research. There are research and development activities that can help provide deductions to support innovation and technology.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
If you are in need OF tax planning services for your small business, you have come to the right place. Mark Dicus & Company will provide you with the tax planning services that can help your business grow and develop. When you partner with us, you can rest easy knowing that we will be doing everything we can to help lower your tax bill and ensuring your compliant with any tax regulations as well. Call us today!