The Small Business tips today discuss tax deductions for small businesses.
- Business Travel – Deduct your transportation, accommodations, and business-related expenses from your taxes. Combining business and pleasure? Only deduct costs that are business related as long as more than half of your trip is dedicated towards work.
- Equipment – Need new machines, equipment, or other necessary supplies to keep your business running? Deduct these necessities from your business taxes.
- Rent – Keeping your business under a roof comes at a cost. Deduct your cost for rent to lower your taxable income.
- Salaries – What you pay your employees is a necessary expense for your business. Keep records of your employee salaries, and changes throughout the year, and deduct these expenses.
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