How Small Business Can Use Tax Deductions
When you’re running a small business, one of the best ways to save money is to take advantage of tax deductions available to you. Here are some to look into. 1. Home Office Space If you’re running your startup out of your home, you can usually write off your workspace as long as you use it exclusively for your business. The IRS has made adjustments so that it’s easier to calculate how much you can deduct, but you need to make sure that you’re fully meeting all of their criteria for this write-off so that you don’t run into any trouble down the road. 2. Transportation Expenses Similar to using a space in your home, if you use your personal car for business purposes, you can write off some of these expenses. From repairs and gas to tolls and parking fees, you can get tax deductions on all of these costs. You can do this by using the actual expense method, which means you keep track of all of the costs you incur while conducting your business, or by using...