Don’t let the holiday season keep you from taking important steps to reduce your small business taxes in 2021. Here are 3 tips.
3 Tips to Reduce your Small Business Taxes
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Don’t let the holiday season keep you from taking important steps to reduce your small business taxes in 2021. Here are 3 tips.
The IRS recently announced various inflation-adjusted tax brackets. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and tax brackets for small businesses If you run your business as a sole proprietorship or pass-through business entity (LLC, partnership or S corporation), the business’s net ordinary income
What is asset depreciation? Let’s start with the basics: what is asset depreciation? First, the IRS definition: “Depreciation is the recovery of the cost of the property over a number of years. You deduct a part of the cost every year until you fully recover its cost.” In layman’s terms, depreciation reduces a company’s tax
Did your business purchase equipment, like new computers for the team or vehicles for deliveries, this year? If so, Section 179 is a worthwhile piece of tax law that may help you lower your business tax liability in 2022. In This Article: Section 179 allows for qualified software, equipment, and business expenses to be deducted
September is a great month to start planning strategies that could reduce your small business taxes for this year and next. For the majority of businesses, the traditional year-end tax planning strategy of deferring income and accelerating deductions to minimize taxes will probably yield the most significant results. In addition, owners should consider bundling deductible
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when website costs can be deducted.
Tax benefits that aren’t available to larger businesses may be available to your small business. Here are some examples of tax deductions for small businesses.
If your business is successful and you do a lot of business travel, you may have considered buying a company plane. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules.
Whatever your business’s situation, taking full advantage of available tax breaks for small businesses — including temporary relief in response to the crisis — is critical.
This week is National Small Business Week! To commemorate the week, here are three tax breaks for small businesses to consider.