We found out that startups and small businesses breath a bit easier this tax season if they utilize some often overlooked tax deductions. Take a look and see if any can apply to you – the more you can save today, provides more you can use for yuor business tomorrow. The top 6 deductions are laid out below, thanks to an article over at CBSNEWS:
- Health care tax credit. Businesses with 10 or fewer employees that average less than $25,000 annually are eligible for a tax credit of up to 35 percent.
- Depreciation on a business vehicle. Fuel and maintenance costs of your car or truck are 100 percent deductible if you can claim that the vehicle is used exclusive for your small business.
- Business travel expenses. You can claim all of the costs of out-of-town business travel — that includes the plane ticket, meals, and hotel room.
- Home office deduction. This is often considered a risky deduction due to its reputation as an audit magnet, but the reality is that virtually all small business owners can take a deduction for a home office space — that includes treating a percentage of Internet and phone bills as deductible expenses.
- Professional fees and classes. Any fees you pay to maintain your career are deductible. That includes costs for classes, seminars, training, certificates, and membership fees in professional organizations.
- Retirement tax credit. You can get a credit on the first $2,000 that you invest in your retirement fund.
