Watch Related Videos
comments
Getting the right small business tax information is crucial, especially when you are still struggling to get your business up and running. Taxes can eat up a large chunk of your profit so you will need to employ cost cutting strategies to lower your tax expenses. Below are some of the strategies that you can use to minimize your tax liability.
Use Depreciation to your Advantage
Our tax laws allow you to write off most of the cost of your business assets during the first of ownership. If you are planning to purchase equipment, consider buying at the start of the year. This way, you will be able to charge the maximum depreciation cost of these items.
Go For Heavy SUVs
If you are planning to buy a vehicle for your business, opt for heavy SUVs instead of a car or a regular passenger vehicle. In most states, vehicles weighing more than 6,000 pounds are considered trucks for taxation purposes. If you get one of those heavy SUVs, you can get higher tax deductions on your vehicle.
Work from Home
The good thing about working from home is that you can include some of your home overhead costs as part of your business expenses. This can also help you save money.
