I have a small business. Now what?

You stared down the behemoth and decided to create your own business. You forged your way through the valleys of Federal, State, County, and City requirements. Pen in hand, you climbed that steep mountain of mandatory government forms and documents. You have annotated your business name so many times that you now dream about it. After all that labor and intensive paperwork, your business has been born. Now what?

Whether you are an LLC, an S-Corporation, or a C-Corporation, the blood, sweat, tears, joys, triumphs, and victories have just begun; and while the expenses mount and the roaring lion of taxes begins to breathe down your neck, the advantages of owning your own business ascend in the horizon like a shining beacon of glorious tax deductions.

Know your Deductions:

The expenses of maintaining a small business can become overwhelming, below are a few examples of small business tax deductions:

1. Advertising, marketing, and promotions.

2. Business meals.

3. Business insurance.

4. Bank fees and interest.

5. Business vehicle, and/or use of your vehicle for business.

6. Hiring contractors.

7. Depreciation.

8. Education.

9. Home office or rent office space.

10. Interest.

11. Professional and legal fees.

12. Moving expenses.

13. Travel expenses.

14. Salaries and Benefits

15. Telephone and internet.

16. Business-related utilities.

17. Personal expenses.

Strategic Financial Reporting Inc offers bookkeeping services, tax consultations, and accounting services. Book your appointment today with one of our knowledgeable and high-quality accountants by clicking the following link: Book An Appointment.

Helpful resources: Find out the difference between tax credits and tax deductions available.