Business Tips

tax deductions for small business

Tax deductions for small businesses

Hopefully by now you have your taxes in order and well underway. If not, though, you wouldn’t be the only one.

If you are tying up last minute details, we wanted to draw your attention to a couple of tax deductions that should be on your radar, particularly if have a small business.

This informative article by Bankrate gives you a simple list of common small business deductions. It also walks you through the common ways to make home office deductions. It also covers deductions for things like furniture, equipment, software, mileage, business travel and even business-related entertainment and gifts.

If it’s too late to incorporate all these tips into this year’s taxes, print out or bookmark the information for next year and base your spending on the knowledge throughout 2016.

Bonus tidbit: employ your kids. There’s no Social Security tax for employees 17 and under, and you can deduct their salary as a business expense.