Small businesses are eligible for a host of tax benefits. But many entrepreneurs unknowingly neglect to take all of what they are entitled to. Don’t like leaving money on the table? Here are a few of the most commonly overlooked tax deductions for small businesses:
Travel costs. Tax professionals are often surprised by the number of small business owners and entrepreneurs who don’t realize how much of their travel-related costs are partially or even fully deductible. Check out this informative guide from the U.S. Small Business Administration to find out more.
Charitable contributions. Has your business donated cash, merchandise or other assets? Are you planning to? Charitable contributions can be deducted by businesses, too. As with other tax-related aspects of your business, it’s always a great idea to keep records of your contributions. With large contributions, it’s a must.
Specialized hiring efforts. The Returning Heroes and Wounded Warrior Tax Credits provide businesses with maximum credits of $5,600 to $9,600 for every returning soldier hired. It’s just one of many credits available to businesses.
Here’s a dozen more small business deductions you may not know about. Don’t forget to keep good records!