Business taxes are an unavoidable fact of life, but a bit of planning can reduce the size of the financial burden.
Speak with a tax professional about tax credits and deductions that your small business can utilize to save a bit of money.
Until that meeting, here are five ideas to get you started.
- Insurance premiums: The premiums you pay toward property, liability, workers compensation, commercial auto and malpractice coverage can often be deducted as business expenses. Additionally, a portion of group health and life insurance premiums may be deductible as well. The regulations are in constant flux, so be sure to talk to your independent insurance agent and/or your tax advisor.
- Donations: Giving to charities is often tax deductible as well, including monetary contributions, property donations and even volunteer time under certain conditions.
- Energy-efficiency credits: Upgrading your workplace with energy-efficient heating/cooling units, break room appliances and other equipment may qualify your business for tax credits. You may receive additional tax credits for purchasing hybrid, electric or alternative fuel vehicles.
- Equipment purchases: Business that meet certain revenue qualifications may be able to deduct certain purchases, such as computers, business software, manufacturing equipment, furniture and more.
- Hiring qualified employees: Some business may receive tax credits for hiring qualified veterans and/or disabled individuals. Speak with a tax professional for specifics.
We work hard to help you save. Feel free to contact our agency anytime to learn about saving on business insurance premiums.
Start saving today. Call Texas Risk Solutions LLC at (210) 426-3053 for more information on Oakland business insurance.