4 Small things businesses can do to save taxes.
- Keep records up to date – best and simplest way is to keep records complete, up-to-date and well organized. It’s best to keep current in accounting software or by keeping all receipts organized and legible.
- Deduct vehicle expenses – There are many rules and regulations with deducting vehicle expenses. Generally, any vehicle expenses can be deducted. This includes fuel, insurance, repair and maintenance, interest, lease costs and more.
- Deduct home office expenses – If you have a home based business you many be eligible to deduct a portion of your home expenses that would otherwise not be deductible.
- Track your capital assets – To operate any business, capital items like computers, furniture and other assets are essential to business operations. These items often have a high up front cost but depreciate over time and allow your business to expense the loss of value.