5 Ways for Small Business Owners to Save Money on Taxes

DAVID TEPP CPA | December 12, 2018

article image
It may be late in the year but it is certainly not too late to save money on taxes.  Here are some important items for you to consider: cars, equipment, computers, phones and tablets, furniture and certain building improvements if in service for your business by year-end, are all deductible. The new tax law allows you to depreciate aggressively so that you can maximize these deductions. By the way, you do not even need to pay in full by the end of the year in order to qualify for the deduction. If you pay by credit card or if you finance, that is no problem. As long as the asset is purchased and in service by Dec. 31, you have yourself a nice tax deduction.if you are a cash-basis taxpayer (and most small businesses are), prepaying regular expenses such as rent, insurance, certain consultants, etc. is an easy way to build deductible expenses. Note that paying off credit cards will not help you. When you purchase items on a credit card, you are immediately entitled to a deduction.

Spotlight

Exclusively.In

Exclusively.in is the world class destination for the Indian-inspired luxury lifestyle. We bring you unprecedented access to the best in Indian-inspired apparel, jewelry and accessories. Our hand-curated selections are chosen for their styling and quality. Consider this your passport to all that is Indo-chic. The company is a pioneer in Indian e-commerce, and is the world’s leading online retailer of Indian fashion. The company has offices in New Delhi and New York City, and a strong, tightly-knit team dedicated to bringing world-class products from India to the global marketplace.

Spotlight

Exclusively.In

Exclusively.in is the world class destination for the Indian-inspired luxury lifestyle. We bring you unprecedented access to the best in Indian-inspired apparel, jewelry and accessories. Our hand-curated selections are chosen for their styling and quality. Consider this your passport to all that is Indo-chic. The company is a pioneer in Indian e-commerce, and is the world’s leading online retailer of Indian fashion. The company has offices in New Delhi and New York City, and a strong, tightly-knit team dedicated to bringing world-class products from India to the global marketplace.

Events