Easy Tax Credits for Small Business Owners

Do you own a small business, or you have plans to start a business venture in the future? There are many financial aspects that need to be considered to ensure the success of your company, and it is important that you look for tax credits to reduce your tax burden. Working with an experienced tax accountant is one of the best options that you should consider, and you need to make sure that your accountant has worked with many other types of small business owners.

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Do-It-Yourself vs. Hiring an Accountant

Some small business owners want to save money, so they go through the hassle of trying to do their taxes without consulting an accountant. Even though it might seem like a good solution, the truth is that it is likely costing you money if you don’t work with a small business accountant!

First, it is much faster to hand over the financial details and let the accountant work through the tax preparation and filing. You have plenty of other responsibilities to focus on, and you shouldn’t be spending your time trying to figure out the tax code.

Additionally, many inexperienced business owners overlook tax credits that could be used. If you aren’t familiar with the different types of write-offs that are available, then it is likely that you are paying more in taxes than you need to. Instead of paying the higher taxes, you should invest a little bit of money into an accountant. These services are worth their weight in gold, especially when you see how much money you will be saving when it is time to cut the check for the annual tax payment.

Types of Tax Credits for Small Businesses

These are some of the common tax credits that can be helpful for small businesses:

  • Office Supplies and Equipment: Is there anything that needs to be purchased for the office? If you have been thinking about a new computer, right now is a great time to make the purchase and use it as a tax write-off.
  • Disability Tax Credits: Do you have an employee on your team suffering from some type of disability? If you are incurring additional costs to make the business more accessible for someone with a disability, then it might be possible to write off those expenses.
  • Maximize Retirement Contributions: Self-employed individuals can maximize the funds that are contributed to a retirement fund to reduce their tax burden.

The best thing that you can do is talk with an accountant to learn about the tax credits that are applicable for your situation. For more information, talk with our team at Easier Accounting: (888) 620-0770