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Small Business Owners Can 25 Ways Save On Taxes

Top 25 Ways For Small Businesses To Save On Taxes Today

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Looking for ways your small business can save on taxes? We've got you covered. In today's presentation we give you 25 new ideas for how you can save on business taxes today! 

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Page 1: Top 25 Ways For Small Businesses To Save On Taxes Today

Small Business Owners Can

25 Ways

Save OnTaxes

Page 2: Top 25 Ways For Small Businesses To Save On Taxes Today

Everyone wants to save on taxes!

Page 3: Top 25 Ways For Small Businesses To Save On Taxes Today

If you’re a small business owner, you may have more ways to save on taxes than most people. You want to make sure that your business is paying for all your business expenses.

Page 4: Top 25 Ways For Small Businesses To Save On Taxes Today

Lower your company’s profits and result in a lower tax bill for you or your company.

Business expenses

Page 5: Top 25 Ways For Small Businesses To Save On Taxes Today

If you’re paying for an expense with your personal money, the tax man has already gotten his share.

On the other hand

Page 6: Top 25 Ways For Small Businesses To Save On Taxes Today

Before you act on any ideas in this presentation please consult your tax professional!

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Dealing With

IRS

Page 8: Top 25 Ways For Small Businesses To Save On Taxes Today

1 File on time

IRS late filing fees are substantial and can add up quickly.

Page 9: Top 25 Ways For Small Businesses To Save On Taxes Today

2Ask for an exception

If you do file late. The IRS will normally waive penalties for you one time.

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Deductions

Page 11: Top 25 Ways For Small Businesses To Save On Taxes Today

3Take advantage of deductions

For business travel and entertainment expenses.

Tip from bizfilings.com

Page 12: Top 25 Ways For Small Businesses To Save On Taxes Today

3Take advantage of deductions

For business travel and entertainment expenses.

Tip from bizfilings.com

Page 13: Top 25 Ways For Small Businesses To Save On Taxes Today

4Use airline miles

For personal travel and not business travel, when you have the choice. ou can deduct business travel expenses.

Tip from David Kelsey of KelseyMedia.com

Page 14: Top 25 Ways For Small Businesses To Save On Taxes Today

5Have lunch meetings.

When you dine with your employees or business partners, 50% of the cost is deductible, so long as they are not lavish or extravagant expenses. Tip from Kaitlin M. Newkirk of

BarnesDennig.com

Page 15: Top 25 Ways For Small Businesses To Save On Taxes Today

6Deduct the business use of your car

Tip from 1040.com

Page 16: Top 25 Ways For Small Businesses To Save On Taxes Today

6Deduct the business use of your car

Tip from 1040.com

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7 CellphoneDeduct your business cellphone use. If you use the same phone for business and personal calls, you can still deduct the business use portion of your bill. More on this here. Tip from Intuit Turbotax

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8!

Section 179 Deduction

Take advantage of section 179 deduction.Tip from CPAPracticeAdvisor.com

Page 19: Top 25 Ways For Small Businesses To Save On Taxes Today

8!

Section 179 Deduction

Take advantage of section 179 deduction.Tip from CPAPracticeAdvisor.com

Page 20: Top 25 Ways For Small Businesses To Save On Taxes Today

9Deduct your moving expenses

If you move more than 50 miles from your current location for business reasons you can deduct the expenses. Learn more here. Tip from WorldwideERC.org

Page 21: Top 25 Ways For Small Businesses To Save On Taxes Today

10Take the home office deduction

Tip from FitSmallBusiness.com

Page 22: Top 25 Ways For Small Businesses To Save On Taxes Today

10Take the home office deduction

Tip from FitSmallBusiness.com

Page 23: Top 25 Ways For Small Businesses To Save On Taxes Today

11 InsuranceInsurance - Have your company pay for your health care premiums. Learn how here. Tip from MoneyCrashers.com

Page 24: Top 25 Ways For Small Businesses To Save On Taxes Today

12Keep your personal and business finances separate

This simplifies things and makes it less likely that you will miss out on expenses that can be deducted.Tip from Kat Simpson at outright.com

Page 25: Top 25 Ways For Small Businesses To Save On Taxes Today

13 smartphone appUse the free smartphone app Expensify to keep track of business expenses and receipts so you don’t miss any. Tip from BradleyGauthier.com

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Hiring

Page 27: Top 25 Ways For Small Businesses To Save On Taxes Today

14 independent contractors

Use independent contractors instead of employees. There are no payroll taxes with independent contractors. Tip from Marla Harding at SmallBizSource.org

Page 28: Top 25 Ways For Small Businesses To Save On Taxes Today

14 independent contractors

Use independent contractors instead of employees. There are no payroll taxes with independent contractors. Tip from Marla Harding at SmallBizSource.org

Page 29: Top 25 Ways For Small Businesses To Save On Taxes Today

15 Hire your children

To do odd jobs for your business instead of paying them an allowance. You can deduct the cost of their salaries.Tip from Donna Laubscher of Henry & Horne LLP

Page 30: Top 25 Ways For Small Businesses To Save On Taxes Today

16 Hire an unemployed veteran

Hire an unemployed veteran and get the work opportunity tax credit. Tip from military.com

Page 31: Top 25 Ways For Small Businesses To Save On Taxes Today

Doing Taxes

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17 using turbotax

Do your taxes yourself using turbotax. If you’re a one person business, it might make sense to do your own taxes.Tip from Josh Smith at dailyfinance.com

Page 33: Top 25 Ways For Small Businesses To Save On Taxes Today

18 accounting software

Use accounting software to record revenues and expenses. This will save you tons of time when filing your taxes, and time is money. Read our accounting software buyer’s guide here. Tip from FitSmallBusiness.com

Page 34: Top 25 Ways For Small Businesses To Save On Taxes Today

Business Structure

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19 Choose the right state

Choose the right state to incorporate in. Tip from companiesinc.com

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20 businessstructure

Choose the right business structure. How your business is structured from a legal standpoint can have a major impact on your year end tax bill.

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20 businessstructure

Choose the right business structure. How your business is structured from a legal standpoint can have a major impact on your year end tax bill.

Page 38: Top 25 Ways For Small Businesses To Save On Taxes Today

21 umbrella company

If you own multiple businesses, consider creating an umbrella company. This can simplify the filing process and allow you to offset profits in one business with losses in another.Tip from Annie Meuller of investopedia.com

Page 39: Top 25 Ways For Small Businesses To Save On Taxes Today

Manage The Timing of Business Purchases

Page 40: Top 25 Ways For Small Businesses To Save On Taxes Today

22 revenues and expenses

Manage your year end revenues and expenses. If you have had a big year, lower this year’s taxable income by moving up purchases you were planning on making the following year. Tip from Joseph Steinberg of Green Armor Solutions

Page 41: Top 25 Ways For Small Businesses To Save On Taxes Today

Benefits Instead Of Salary

Page 42: Top 25 Ways For Small Businesses To Save On Taxes Today

23 additional benefits

Offer employees additional benefits instead of higher salaries or bonuses. This saves you payroll taxes and you can deduct the cost of many benefits.Tip by Christina Merher of ZaneBenifits.com

Page 43: Top 25 Ways For Small Businesses To Save On Taxes Today

24 retirement account

Put money into a retirement account. Learn how to choose the right retirement plan for your business here.Tip from Robert Berger at DoughRoller.com

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Oops!We only have 24 tipsplease help us find tip number 25. Leave a comment below.