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Guide to Tax-Saving Strategies
How to find and use all of the tax deductions your business is dueThe trick is in recognizing what's an allowable business deduction and what's not — and in keeping the right records. Deductions are only as good as the records you keep to back them up. Any expense you forget to deduct, or lose because you can't back it up, costs you dearly.
Your strategy should include a basic record-keeping system, business checking account, appointment book, expense journal and support documents such as receipts. You'll need to track inventory if you make or sell merchandise. And if your business has employees, you need complete payroll and payroll tax records. Key small business deductions include:
- Startup expenses: Some can be deducted immediately; others over 15 years. A special tax rule lets you deduct up to $5,000 in startup expenses your first year.
- Business operating costs: These include all of the "ordinary and necessary" expenses you incur that are related directly to operating your business.
- Hired help: This includes money you spend on independent contractors as well as employees.
- Travel and entertainment: You can deduct a portion (usually half) of certain "business entertainment" costs.
- Vehicle expense: Business use of your car can be claimed as a per-mile rate set by the IRS.
- Retirement and medical deductions: Retirement plan contributions are a terrific small biz deduction. Plus, there are several ways to deduct the cost of health insurance premiums, depending on your business structure.
Action Steps
The best contacts and resources to help you get it done
Discover the latest tax saving updates for small business
Saving on taxes is often a matter of gaining access to the latest updates and changes.
I recommend:
Small Business Tax News, a subscription service, is an excellent way to stay abreast of small business tax-saving strategies. Business Owner's Toolkit, a service of tax-specialist CCH, Inc., offers a huge amount of information and advice on business tax issues, available free online.
Head off sales tax trouble
New Web-based solutions make it simple for even a one-person business to compute and collect sales tax from anywhere in the country.
I recommend:
Avalara offers Web-based sales tax compliance services for small business. The site has a free sales tax rate lookup and calculator.
Put IRS information to work in your favor
The IRS has a good small business Web site that is easy to navigate and covers every tax topic you can think of.
I recommend:
Visit the IRS section for small business.
Bring in a tax-saving professional
A tax professional can help you sort out deductions and tax saving strategies.
I recommend:
CPAdirectory.com lists CPAs nationwide. Find a tax pro by name, location or specialization. The site offers other tax-saving resources and advice.
Get lower-cost tax saving advice from former IRS employees
Enrolled Agents – many of them former IRS employees -- are federally licensed to offer tax-saving advice and prepare returns for individuals and businesses.
I recommend:
To find an EA, visit the National Association of Enrolled Agents Web site.
Take an online small biz tax workshop at your own pace
The more you understand tax rules for small business, the less likely you are to miss deductions and overpay your taxes.
I recommend:
The IRS Virtual Small Business Tax Workshop is designed to help new and existing small business owners understand tax rules. Online Learning and Educational Products from the IRS help you learn about business taxes at your own pace.
Tips & Tactics
Helpful advice for making the most of this Guide- Other possible deductions include training costs, business gifts, association dues, advertising, bad debts, fees, licenses, insurance and interest on business loans.
- State governments are getting more aggressive in auditing businesses selling across state lines. Many are also changing the rules for what makes a business liable for charging sales tax.
- At last count, 45 states, 4,696 cities, 1,602 counties and 1,113 other tax jurisdictions in the U.S. impose a sales tax of one type or another – almost 7,500 total taxing entities. And in any given year these jurisdictions make an average of 3,000 changes in rates and regulations.
- To deduct expenses related to the business use of part of your home, you must meet these requirements: Your space at home must be used exclusively and regularly for your business or trade. Plus, the business portion of your home must be your principal place of business, a place where you meet or deal with patients, clients or customers in the normal course of business, or a separate structure (not attached to your home) that you use for your business.
