SMALL BUSINESS TAX DEDUCTIONS
Limit your tax liability
A clear understanding of the rules can significantly reduce your tax bill.
Common small business tax deductions
Do you have business expenses that are considered ordinary or common for the type of work you do? And are they necessary in that they help your business to succeed? Answer yes to both of those questions, and you have expenses that you can and should deduct from your taxable income.
For example, if you use part of your home for business, you can deduct a portion of your mortgage interest, insurance, utilities, internet, repairs and depreciation. A tax professional can help you to calculate how much of your home is used for work and what the resulting deduction opportunities would be. The same goes for use of your car. If you’re using it strictly for business, you can deduct the entire expense. If it’s used for both personal and business, you can still deduct a portion relative to your work usage.
Rent, employee pay, taxes, meals, interest on a loan and advertising costs are other popular small business expense deductions or tax write-offs for an LLC. Our Business Banking Specialists can connect you with vetted tax professionals so that you can take full advantage of your rights as a small business owner. The savings could be tremendous.