850 - It's our favorite time of year! TAX SEASON.

It's that time of year!

Many business owners are considering what tax deductions are available.

Are you looking through your inventory, insurance, office supplies, and such?

Have you considered offering a fringe benefit to your employees that would also benefit the business?

I have several clients who fringe benefit identity theft protection for their employees. This can help reduce liability in the event of a data breach.

Legal and professional fees are also deductible. If you don't currently use a lawyer, consider getting a legal plan so you can talk to lawyers whenever you need to, get contracts reviewed, and be protected in the event of a lawsuit.

Here are some more possible deductions to consider:

1. Advertising and Marketing: You can usually deduct the money you spend on promoting your business, like ads and flyers.

2. Business Meals: You can deduct half the cost of meals with clients, customers, or employees.

3. Business Travel: You can deduct travel expenses for business trips, like plane tickets, hotel rooms, and food.

4. Donations: If your business donates to qualified charities, you can usually deduct the amount of the donation.

5. Education and Training: You can deduct the cost of going to conferences, workshops, or taking courses to improve your skills.

6. Equipment and Furniture: You can deduct the cost of furniture, equipment, and machines used for your business, either all at once or over time.

7. Health Insurance: If you're self-employed and pay for your own health insurance, you might be able to deduct the cost of premiums for yourself and your family.

8. Home Office: If you use part of your home only for business, you might be able to deduct a percentage of your mortgage or rent, utilities, and other related expenses.

By using these deductions, you can pay less in taxes and keep more of your money.

Make sure to talk to a tax professional to make sure you're claiming all the deductions you can and that you have the right documents to back up your claims

Happy tax season!

Do you have questions? PM me. There are no wrong or stupid questions. If you don't know, neither do many other people.