Tax Tips For Small Business Owners

With tax season coming to a close on the 15^th of April, you may be wondering, as a business owner, if there are things you haven’t considered that could end up saving you money this year. While working with a tax professional is the best way to ensure you’re not paying out too much or that you’re receiving everything you’re entitled to, there are a few simple areas to make sure you cover.

Questions to ask while you’re with your tax professional:

1. Do I qualify for Health Care Tax Credit? – This is money back for certain businesses that meet certain criteria including, but not limited to, employing 25 or less full time employees.
2. Does any of my property fall under the Section 179 property deduction? – This deduction applies to properties used for certain business purposes. Your accountant can let you know what qualifies. Property outside of the United States is not eligible for this deduction.
3. Did I make any large charitable donations this year? – Many businesses make charitable donations that qualify for certain tax credits. These could be monetary or non-monetary donations.
4. Did I purchase any office supplies or office furniture? Office supplies including everything to paper clips to printer ink and desks to computers are all qualified for deductions as long as they’re used for your small business.
5. Have I liquidated any goods or assets? – Liquidation of goods or assets can qualify your business for certain tax write offs in certain scenarios.

For more information on liquidation services offered by Ideal Trading Liquidation Company like estate sales, auctions, excess inventory sales, and bankruptcy, please visit our website here. Or for more helpful tips and industry insights please visit our blog here.