Small Business Tax Help – Get These Tax Deductions | Top Small Business Tax Help

Written by Peter Tran

July 7, 2017

If you are a small business owner, you already know that you will pay a tax on what’s left of your income after you’ve booked your eses. So it’s logical to make sure you have booked as many legal eses as you can. That way your net income (and your resulting taxes) will be as small as possible. The IRS allows you a pretty wide range of small deductions.

Here is a list of them. Check to see if you have included these in your tax planning.

1. Deductions for Startup Costs

In your first year of small business, you are allowed to write off as much as $5,000 in startup costs. In addition you can write off an additional $5,000 in organizational costs. Not only that: you also have the option of spread out eses not deducted in the first year over a period of 15 years, beginning with wh you oped your business. Eligible costs include things like market re, company advertising, training of your employees, travel for business, legal advice and other costs. Consult your tax professional for more details.

2. Deductions for Education

First stop: IRS Publication 970, “Business Deductions for WorkRelated Education.” For the most part, you can write off eses related to your employees’ education if the courses relate to their jobs.

In other words, if the course helps them keep pace with the marketplace demands (or improve their skills) or if they need the course to actually keep their existing jobs, th the ese may be a legitimate deduction. The bad s is that you can’t take a writeoff on any ese related to training in a , unrelated field. A couple of other things to remember: You can also claim a writeoff if you are selfemployed. Deductions also include the cost of getting to and from the classes. Consult your tax professional for more details.

3. Deductions for Vehicles

Be careful here: the rules for deducting automobile eses are pretty detailed and the Feds pay close atttion to anyone claiming these deductions. So, for starters, keep clear and concise records. You can deduct eses two ways:

The first option is to claim a deduction by counting how many miles you drove while on business. Currtly, you can claim a deduction of 44.5 cts per mile. Check to make sure that is the currt amount, as it does change occasionally. The other option is to track your total eses incurred on things like gasoline, repairs and maintance.

Remember: keep good records. If you’re using your own personal vehicle for your small business, make sure you separate the times you use it for business from the times you do not. Include dates, destinations, purpose of the travel, etc. Read IRS Publication 463 for more info. And here’s an important point: if your employees use a business vehicle while running personal errands, for example, you have have to show this as income to them on their W2.

A couple of other things to remember: If you bought a (or previously owned) car, you can take a writeoff. You’ll have to decide if it’s better to take it in one single deduction or spread out over a period of time through depreciation. And if that car is a hybrid, you might be eligible for a tax credit. Read IRS Publication 8910 for more details. As always, consult your tax professional for more details.

4. Deductions for Equipmt

You have the ability to take a writeoff for small business equipmt purchases. The writeoff can be pretty large — in 2006 it amounted to over 0 thousand. And the equipmt can be used; the only requiremt is that you use it at least half the time for your company. Allowable equipmt includes things like computer hardware, machinery, office furniture, automobiles and other related equipmt.

Make sure you read a currt copy of IRS Form 4562 before planning your tax strategy on this point. If you decide you are not going to claim this writeoff immediately, you can spread it out over a period of years by claiming depreciation on that equipmt. Consult your tax professional for more details.

5. Deductions for tertainmt

The IRS definition of tertainmt is pretty flexible. Gerally speng, if you attd a business meeting, for example, and you are not reimbursed for the eses, you’re allowed to write off up to half the tertainmt ese. They do caution you that the “tertainmt” must be in a business context. This means if you go to a seminar or conferce, that’s OK. Also, the tertainmt should come immediately before or after the meeting. You get a break if you are selfemployed; th, the 50 perct deduction cutoff does not pertain to you. Consult your tax professional for more details.


There are lots of ways to reduce your small es. Gerally it involves increasing the number and amount of allowable business deductions. Consult your tax professional for more details.

For more info on Small Help [], visit Ara Rubyan’s Your Tax Help Online []

Ara Rubyan isn’t an accountant, an attorney, or a financial guru. Instead, he is like you: a consumer who has tried to make an informed decision on the best way to manage his tax obligations.

Now, he’s put all his re (so far) in one convit location and he’s sharing it with you, no strings attached. Visit his website. You’ll find:

  • Lots of articles on various tax help topics;
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  • Interactive polls;
  • Latest s on tax help resources;
  • Your questions, answers and suggestions.

As always, consult a qualified professional wh looking for tax help. In the meantime, go on over to Your Tax Help Online [] and have a look.

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