5 Tax Tips for your small business
- Make sure you’re taking advantage of all available deductions. You may be eligible for deductions for things like office supplies, travel expenses, business meals, and more.
- Keep accurate records. Make sure you’re keeping track of all your business-related expenses so you can take full advantage of your tax write-offs.
- Set up a separate bank account for business expenses. This will make it easier to track and categorize your expenses.
- Take advantage of retirement plans. Retirement plans like SEP and SIMPLE IRAs can help you save for retirement while reducing your taxable income.
- Consider hiring a professional to help. If you’re feeling overwhelmed, you may want to consider hiring a tax professional to help you maximize your deductions and make sure you’re taking full advantage of the tax codes.
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