With tax season quickly approaching, now is a good time to make sure you're
taking advantage of all the tax savings you can to yield your best bottom line.
I've put together the small list below of tax savings that has
certainly helped my tax bill over the past 20 years of business:
-Equipment and software purchases: Purchased any new
office equipment lately? Keep your receipts! The American Taxpayer Relief Act
allows businesses with up to $2 million in annual revenue to
deduct
up to $500,000 in qualifying capital expenditures in 2013. Furniture, vehicles,
etc. are examples of common qualifying deductions.
-Insurance costs: There are numerous items that are often
deductible as a business expense such as insurance premiums associated with
liability, malpractice, workers’ compensation and property coverage. Learn
more about insurance deductions in the “
Insurance”
Section of IRS Publication 535, “Expenses.”
-Charitable Contributions: Doing some spring
cleaning? Donations to qualified organizations may be tax deductible to your
business.
-Energy Efficiency Credits: If you have recently
updated your heating or cooling equipment, be sure to take note of these
valuable tax credits.
-Tax Credit for Qualified Employers: Hired any
new employees lately? Tax credits and deductions are available to businesses
that hire veterans for employees with disabilities.
These are just a few, handy tax-saving tips that have helped my bottom line
over the years. I have more small business advice to share, so come back and
view our blog regularly! We make weekly updates.
I hope you find this information useful. Do you have other tax saving tips?
If so, I would love to hear them! Knowledge sharing is key. Contact us at
785-843-7511 or stop by our office, 3200 Mesa Way, Suite D, Lawrence,
KS anytime!
