Tips for Small Business

Tax Savings

What Businesses Can Do to Save Taxes

Business Tips

March 14, 2023

4 Small things businesses can do to save taxes.

  1. 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.
  2. 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.
  3. 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.
  4. 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.