25 Ways

Small Business
Owners Can

Save On
Taxes
Everyone wants
to save on taxes!
If you’re a small business
owner, you may have more
ways to save on taxes than
most people.

You want to make sure
that yo...
Business expenses
Lower your company’s profits and
result in a lower tax bill for you or
your company.
On the other hand
If you’re paying for an expense with
your personal money, the tax man
has already gotten his share.
Before you act on
any ideas in this
presentation
please consult
your tax
professional!
Dealing With

IRS
1

File
on time

IRS late filing fees are
substantial and can add up
quickly.
2

Ask for
an exception

If you do file late. The
IRS will normally
waive penalties
for you one time.
Deductions
3

Take advantage
of deductions

For business travel and
entertainment
expenses.

Tip from bizfilings.com
3

Take advantage
of deductions

For business travel and
entertainment
expenses.

Tip from bizfilings.com
4

Use
airline miles

For personal travel and not business travel,
when you have the choice. ou can deduct
business travel...
5

Have lunch 

meetings.

When you dine with your
employees or business
partners, 50% of the cost is
deductible, so long ...
6

Deduct the business
use of your car
Tip from 1040.com
6

Deduct the business
use of your car
Tip from 1040.com
Cellphone
7
Deduct your business
cellphone use. If you use
the same phone for business
and personal calls, you can
still d...
8

!

Section 179
Deduction

Take advantage of section
179 deduction.

Tip from CPAPracticeAdvisor.com
8

!

Section 179
Deduction

Take advantage of section
179 deduction.

Tip from CPAPracticeAdvisor.com
9

Deduct your
moving expenses

If you move more than 50 miles from your
current location for business reasons you
can ded...
10

Take the home
office deduction

Tip from FitSmallBusiness.com
10

Take the home
office deduction

Tip from FitSmallBusiness.com
11

Insurance

Insurance - Have your
company pay for your
health care premiums.
Learn how here.
Tip from MoneyCrashers.com
12 finances separate

Keep your personal and business

This simplifies things and makes it
less likely that you will
miss ...
13 smartphone app

Use the free smartphone app Expensify to
keep track of business expenses and
receipts so you don’t miss...
Hiring
14

independent
contractors

Use independent contractors instead
of employees. There are no payroll
taxes with independent...
14

independent
contractors

Use independent contractors instead
of employees. There are no payroll
taxes with independent...
15

Hire your
children

To do odd jobs for your
business instead of paying
them an allowance. You can
deduct the cost of t...
16

Hire an
unemployed veteran

Hire an unemployed
veteran and get the
work opportunity tax
credit.

Tip from military.com
Doing

Taxes
17

using
turbotax

Do your taxes yourself using turbotax. If you’re a
one person business, it might make sense to do
your...
18

accounting
software

Use accounting software to record revenues and
expenses. This will save you tons of time when
fil...
Business Structure
19

Choose the
right state

Choose the right state to incorporate in.
Tip from companiesinc.com
20

business

structure

Choose the right business structure. How
your business is structured from a legal
standpoint can ...
20

business

structure

Choose the right business structure. How
your business is structured from a legal
standpoint can ...
21

umbrella
company

If you own multiple businesses, consider
creating an umbrella company. This can
simplify the filing ...
Manage The Timing of
Business Purchases
22

revenues
and expenses

Manage your year end revenues and
expenses. If you have had a big year, lower
this year’s taxab...
Benefits Instead Of
Salary
23

additional
benefits

Offer employees additional benefits instead
of higher salaries or bonuses. This saves
you payroll...
24

retirement
account

Put money into a retirement
account. Learn how to
choose the right retirement
plan for your busine...
Oops!

We only have 24 tips

please help us find tip number 25. Leave a
comment below.
Join The Community:

www.FitSmallBusiness.com
See the full article here

Click here to tweet
this presentation.
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Top 25 Ways For Small Businesses To Save On Taxes Today

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Looking for ways your small business can save on taxes? We've got you covered. In today's presentation we give you 25 new ideas for how you can save on business taxes today!

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Top 25 Ways For Small Businesses To Save On Taxes Today

  1. 1. 25 Ways Small Business Owners Can Save On Taxes
  2. 2. Everyone wants to save on taxes!
  3. 3. If you’re a small business owner, you may have more ways to save on taxes than most people. You want to make sure that your business is paying for all your business expenses.
  4. 4. Business expenses Lower your company’s profits and result in a lower tax bill for you or your company.
  5. 5. On the other hand If you’re paying for an expense with your personal money, the tax man has already gotten his share.
  6. 6. Before you act on any ideas in this presentation please consult your tax professional!
  7. 7. Dealing With IRS
  8. 8. 1 File on time IRS late filing fees are substantial and can add up quickly.
  9. 9. 2 Ask for an exception If you do file late. The IRS will normally waive penalties for you one time.
  10. 10. Deductions
  11. 11. 3 Take advantage of deductions For business travel and entertainment expenses. Tip from bizfilings.com
  12. 12. 3 Take advantage of deductions For business travel and entertainment expenses. Tip from bizfilings.com
  13. 13. 4 Use airline miles For personal travel and not business travel, when you have the choice. ou can deduct business travel expenses. Tip from David Kelsey of KelseyMedia.com
  14. 14. 5 Have lunch 
 meetings. When you dine with your employees or business partners, 50% of the cost is deductible, so long as they are not lavish or extravagant Tip from Kaitlin M. Newkirk of expenses. BarnesDennig.com
  15. 15. 6 Deduct the business use of your car Tip from 1040.com
  16. 16. 6 Deduct the business use of your car Tip from 1040.com
  17. 17. Cellphone 7 Deduct your business cellphone use. If you use the same phone for business and personal calls, you can still deduct the business use portion of your bill. More on this here. Tip from Intuit Turbotax
  18. 18. 8 ! Section 179 Deduction Take advantage of section 179 deduction. Tip from CPAPracticeAdvisor.com
  19. 19. 8 ! Section 179 Deduction Take advantage of section 179 deduction. Tip from CPAPracticeAdvisor.com
  20. 20. 9 Deduct your moving expenses If you move more than 50 miles from your current location for business reasons you can deduct the expenses. Learn more here. Tip from WorldwideERC.org
  21. 21. 10 Take the home office deduction Tip from FitSmallBusiness.com
  22. 22. 10 Take the home office deduction Tip from FitSmallBusiness.com
  23. 23. 11 Insurance Insurance - Have your company pay for your health care premiums. Learn how here. Tip from MoneyCrashers.com
  24. 24. 12 finances separate Keep your personal and business This simplifies things and makes it less likely that you will miss out on expenses that can be deducted. Tip from Kat Simpson at outright.com
  25. 25. 13 smartphone app Use the free smartphone app Expensify to keep track of business expenses and receipts so you don’t miss any. Tip from BradleyGauthier.com
  26. 26. Hiring
  27. 27. 14 independent contractors Use independent contractors instead of employees. There are no payroll taxes with independent contractors. Tip from Marla Harding at SmallBizSource.org
  28. 28. 14 independent contractors Use independent contractors instead of employees. There are no payroll taxes with independent contractors. Tip from Marla Harding at SmallBizSource.org
  29. 29. 15 Hire your children To do odd jobs for your business instead of paying them an allowance. You can deduct the cost of their salaries. Tip from Donna Laubscher of Henry & Horne LLP
  30. 30. 16 Hire an unemployed veteran Hire an unemployed veteran and get the work opportunity tax credit. Tip from military.com
  31. 31. Doing Taxes
  32. 32. 17 using turbotax Do your taxes yourself using turbotax. If you’re a one person business, it might make sense to do your own taxes. Tip from Josh Smith at dailyfinance.com
  33. 33. 18 accounting software Use accounting software to record revenues and expenses. This will save you tons of time when filing your taxes, and time is money. Read our accounting software buyer’s guide here. Tip from FitSmallBusiness.com
  34. 34. Business Structure
  35. 35. 19 Choose the right state Choose the right state to incorporate in. Tip from companiesinc.com
  36. 36. 20 business
 structure Choose the right business structure. How your business is structured from a legal standpoint can have a major impact on your year end tax bill.
  37. 37. 20 business
 structure Choose the right business structure. How your business is structured from a legal standpoint can have a major impact on your year end tax bill.
  38. 38. 21 umbrella company If you own multiple businesses, consider creating an umbrella company. This can simplify the filing process and allow you to offset profits in one business with losses in another. Tip from Annie Meuller of investopedia.com
  39. 39. Manage The Timing of Business Purchases
  40. 40. 22 revenues and expenses Manage your year end revenues and expenses. If you have had a big year, lower this year’s taxable income by moving up purchases you were planning on making the following year. Tip from Joseph Steinberg of Green Armor Solutions
  41. 41. Benefits Instead Of Salary
  42. 42. 23 additional benefits Offer employees additional benefits instead of higher salaries or bonuses. This saves you payroll taxes and you can deduct the cost of many benefits. Tip by Christina Merher of ZaneBenifits.com
  43. 43. 24 retirement account Put money into a retirement account. Learn how to choose the right retirement plan for your business here. Tip from Robert Berger at DoughRoller.com
  44. 44. Oops! We only have 24 tips please help us find tip number 25. Leave a comment below.
  45. 45. Join The Community: www.FitSmallBusiness.com See the full article here Click here to tweet this presentation.
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