There are many credits and deductions that small businesses can be
eligible for, but many of them go unused each year. The smallest things
can pay off for you and your business, so be sure to keep track of all
of your spending and receipts in a company log.
Here are some tips on how you can get the deductions you deserve:
Section 179:Did you know that small businesses can deduct the full amount of the certain properties they use in the first year? This can include up to $1,000,000 in deductions of eligible business property, such as: property used in production, manufacturing, transportation, facilities used for business or research, storage used to hold livestock or horticultural products, and certain computer software.
Appreciable Stock Contributions: Does your business contribute to charities through stock instead of money throughout the year? If not, you should! Your company can deduct the worth of the stock at the time of donation on your upcoming taxes.
Home Office Deduction: If your home office is the base for your business, you might be eligible for deductions in that area too. In order to be eligible you must either: use a portion of your home exclusively for your business, have the home office be the principal location of your business, or be a place where you regularly meet with clients. There are exceptions to these rules, but be sure to contact a CPA to know if you qualify.