article thumbnail

Common Tax Deductions and Credits for Small Business

incfile

To get ready to file your business taxes , you’ll want to take note of the common tax deductions and credits in this list. If you find some that apply to your business, be sure to collect the necessary paperwork and submit it on your business taxes or hand it off to your accounting service.

article thumbnail

Do I Need Small Business Insurance?

CreditStrong for Business

Most types of small business insurances are optional, but your states laws can require specific types of coverage in some situations. Business insurance isnt always mandatory, but there are situations where youll have to get certain forms of coverage. What Types of Business Insurance Should I Consider?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Are Credit Card Fees Tax Deductible for Businesses?

CreditStrong for Business

Credit cards are powerful tools, and almost 70% of small businesses use them each month. 1 Understandably so, as they can help facilitate sales and purchases, separate personal and business funds, and build your business credit scores. Are Credit Card Fees Tax Deductible for Businesses?

article thumbnail

Small Business Taxes: The Complete Guide

Fundera

Many entrepreneurs feel overwhelmed by the thought of filing their small business taxes. If that’s how you feel, we don’t blame you since there’s a lot that goes into preparing your business for tax day. Here’s your step-by-step guide to everything you need to know about small business taxes.

article thumbnail

Why Are There Two Ways to Claim Home Office Deductions?

Fundera

In the case of home office deductions, the Internal Revenue Service agrees—which is why you can use a simplified or regular method (Form 8829) to file home office deductions. But if you’ve got a bigger office, you could get a larger deduction using the regular method. Choice is a good thing. The Simplified Method.

article thumbnail

Small Business Tax Rates: A Guide For Small Businesses

Lendio

Minimizing Your Business Tax Burden When trying to minimize your business tax burden, it’s important to work with a tax professional to ensure that you are taking appropriate deductions and correctly following tax regulations. Tax planning is also an important part of managing a small business.

article thumbnail

Small Business Tax Deductions

truly financial

O rganizing your expenses at tax time can feel like one of the most complex and frustrating parts of being a small business owner. You have to sort out which expenses are considered tax-deductible for your business’ income, and follow the proper methods for claiming them. These are tax-deductible.