April 19, 2024

10 Amazing Tax Write-Offs Every Small Business Owner Needs to Know About

We wanted to share with you 10 great tax write offs for your small business so you can be pro-active with your strategy and decision making.

10 Amazing Tax Write-Offs Every Small Business Owner Needs to Know About

We wanted to share with you 10 great tax write offs for your small business, but we also want to preface this.

The best tax deductions always come from being pro-active with your strategy and decision making.

Your hard work should not go to the IRS or the state.

We are Performance Financial, we provide aggressive, tax reduction planning for business owners throughout the year.

The basics of our tax planning services are this:

  1. Maximize an S-Corporation & Utilize the Right Entity Structure (S-Corps might save you thousands a year!)
  2. Use Benefits & Retirement Plans! 401k, SEP IRA, SIMPLE IRA and others are great write offs with your health insurance.
  3. Buying Equipment for Growth - Depreciation of trucks, heavy equipment and tools are major ways to fuel growth vs. the IRS
  4. Hiring your family and children - Children can utilize the standard deduction and IRA's to build tax advantaged wealth
  5. Buy & Hold Real Estate - Depreciation & Cost Segregations on the passive income from being a landlord is a great tool
  6. Being Pro-Active - Don't ever just take the taxes on the chin - be proactive!

If you're not confident you're doing everything possible to reduce your taxes, then book a tax-reduction analysis and we'll come to you with opportunities to reduce your taxes.

Performance Financial helps businesses lower their taxes!

So without further ado, here are 10 other tax write offs not mentioned here.

1. What is a top tax deduction for home-based businesses?

Home Office Deduction - If you use part of your home for business, you may qualify for a home office deduction. You'll need to meet specific IRS criteria to claim this deduction. Learn more about home office deductions.

2. Can professional fees be written off?

Professional Fees Deduction - Legal and accounting fees necessary for your business operation are fully deductible. This can include consultations and ongoing services. More on professional fees.

3. How can vehicle expenses reduce my taxable income?

Vehicle Expenses Deduction - If your vehicle is used for business, you can deduct expenses either through standard mileage or actual expenses, including gas and maintenance. Check out vehicle expense deductions.

4. What deduction is available for LLC losses?

Business Loss Deduction - If your LLC faces a loss, you might be able to carry this loss forward to offset future income, potentially lowering future tax liabilities. Explore how to handle business losses.

5. What’s the 20% tax deduction for small businesses?

Qualified Business Income Deduction - Eligible small businesses can deduct up to 20% of their qualified business income. Details on the 20% deduction.

6. Is car insurance deductible as a business expense?

Car Insurance Deduction - If your car is used for business, insurance costs can be deductible. Learn more about deducting car insurance.

7. Can business insurance premiums be deducted?

Business Insurance Deduction - Premiums for business insurance are generally 100% deductible as a business expense. Find out more about insurance deductions.

8. How to handle deductions without receipts?

Deductions without Receipts - For certain expenses under $75, receipts may not be necessary. However, keeping detailed records is still advised. Guidance on deductions without receipts.

9. What are the best tax write-offs for new LLCs?

First-Year Write-Offs for LLCs - Many startup expenses for new LLCs can be deducted in the first year of business, including organizational costs. Read about LLC write-offs.

10. Is it better to deduct gas or mileage for business travel?

Gas vs. Mileage Deduction - Deciding whether to deduct gas or mileage depends on your business usage; the standard mileage rate often provides a greater deduction. Compare gas vs. mileage deductions.

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