Efficiency is the name of the game at Agents of Efficiency (obviously) so we’re making it even more efficient for you to improve your business. Every week, we sort through all the boring stuff to bring you the best tips from the wide world of the web. For this week’s #2tips4tues, we examine the pesky world of small business taxes.
Get on top of deductions..
FitSmallBusiness gives a rundown of a few obvious and not-so-obvious deductions you can take advantage of in 2017. Along with the home office deduction and auto deduction, remember to keep records of lunches (yes, tasty food may be deductible) and be aware of the 179 deduction. 179 “allows you to recover the full cost of equipment or property up to $500,000 that you purchased for your business in the same year that you purchased it. This beats recovering the cost over a period of time like 5 or 10 years through depreciation deductions.” Check out their calculator to see if this applies to your business.
Go through a checklist:
Hurdlr is generously offering a tax checklist for small business owners to prepare for 2017. Whether you’re a seasoned veteran or a entrepreneurial newbie, you’ll probably find a few nuggets of wisdom in here – such as how to know if your insurance premiums are deductible.
“Generally, insurance premiums are deductible in the year they apply. In other words, if you pre-pay for a policy that covers you in multiple tax years, your premiums will only be deductible during the year of coverage (i.e. 2017 premium deducted in 2017, 2018 premium in 2018, etc.)”
Tap into these resources and get a leg up this tax season.