As a small business owner, every dollar counts, and maximizing your tax deductions is key to keeping more of your hard-earned profits. The tax code offers many opportunities for deductions,
but navigating these rules can be tricky. At JCB Financial Services, we specialize in helping small business owners like you understand and take advantage of all available deductions.
One of the most common deductions is business expenses. This includes everything from office supplies and software to professional services and marketing costs. Be sure to keep detailed records of all your business-related purchases to ensure you can claim these expenses at tax time.
Another often overlooked deduction is the home office deduction. If you use part of your home exclusively for business, you may be able to deduct a portion of your rent, utilities, and insurance. The key is ensuring the space is used solely for work purposes.
Mileage is another valuable deduction. If you use your vehicle for business-related travel, you can deduct either actual expenses or use the IRS standard mileage rate. Don't forget to log your business miles accurately.
Finally, consider retirement contributions. Setting up a retirement plan for yourself and your employees not only provides long-term financial security but can also reduce your taxable income.
The world of small business tax deductions is vast and can be overwhelming. To ensure you're maximizing every deduction available to you, contact JCB Financial Services today for a personalized consultation. Our experienced CPAs are here to help you save on taxes and grow your business!
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