Tips on reducing taxes by thousands of dollars for small businesses

Many small business owners leave a lot of money on the table when it comes to taxes. Especially the “artrepreneur” category I work with a lot tends to forget about important tax advantages that might be available to them as entrepreneurs. In this article I’ll be sharing some of the expenses most forget about when preparing their annual tax return.

It’s not the standard monthly operating expenses I’m talking about, such as cell-phones, the internet bill, insurance, and rent for your (home) office space. Most people get that part right. But during tax season they forget about the  thousands of dollars in miscellaneous receipts. Maybe they’ll promise themselves that next year they’ll be more diligent with tracking receipts, but meanwhile these miscellaneous expenditures can save a small business owner hundreds if not thousands of dollars in tax liabilities.

Examples:

1. Advertising Cost – The standard tax deductions are always there (Newspaper Ads, Business Cards, Outside Signs, Yellow Page…