Small businesses spend thousands of dollars and over eighty hours a year to prepare for and file their federal taxes. Despite all of this time and effort, these businesses lose billions of dollars annually on tax deductions to which they fail to take advantage. Here are seven tax deductions that your small business is probably missing out on. A small business owner should not only be finding ways to earn money but also be finding ways to save money. 1. Charitable Deductions. Small businesses often fail to account for all of their tax-deductible charitable contributions. While some charitable donations are relatively straightforward and easy to track—like a check written directly to a charity—others, especially smaller out-of-pocket charitable donation expenses, are almost always overlooked. Furniture or clothing that businesses donate to charity can also be deducted, as well as stamps purchased for mailing charity flyers, the price of driving vehicles in …
-
Recent Posts
-
Archives
- May 2025
- April 2025
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- September 2013
- July 2013
- March 2013
- January 2013
- December 2012
- November 2012
- December 1
-
Meta