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!

1. 25 Ways
Small Business
Owners Can
Save On
Taxes

2. Everyone wants
to save on taxes!

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. Business expenses
Lower your company’s profits and
result in a lower tax bill for you or
your company.

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. Before you act on
any ideas in this
presentation
please consult
your tax
professional!

7. Dealing With
IRS

8. 1
File
on time
IRS late filing fees are
substantial and can add up
quickly.

9. 2
Ask for
an exception
If you do file late. The
IRS will normally
waive penalties
for you one time.

10. Deductions

11. 3
Take advantage
of deductions
For business travel and
entertainment
expenses.
Tip from bizfilings.com

12. 3
Take advantage
of deductions
For business travel and
entertainment
expenses.
Tip from bizfilings.com

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

16. 6
Deduct the business
use of your car
Tip from 1040.com

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. 8
!
Section 179
Deduction
Take advantage of section
179 deduction.
Tip from CPAPracticeAdvisor.com

19. 8
!
Section 179
Deduction
Take advantage of section
179 deduction.
Tip from CPAPracticeAdvisor.com

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. 10
Take the home
office deduction
Tip from FitSmallBusiness.com

22. 10
Take the home
office deduction
Tip from FitSmallBusiness.com

23. 11
Insurance
Insurance - Have your
company pay for your
health care premiums.
Learn how here.
Tip from MoneyCrashers.com

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. 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. Hiring

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. 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. 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. 16
Hire an
unemployed veteran
Hire an unemployed
veteran and get the
work opportunity tax
credit.
Tip from military.com

31. Doing
Taxes

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. 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. Business Structure

35. 19
Choose the
right state
Choose the right state to incorporate in.
Tip from companiesinc.com

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. 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. 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. Manage The Timing of
Business Purchases

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. Benefits Instead Of
Salary

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. 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. Oops!
We only have 24 tips
please help us find tip number 25. Leave a
comment below.

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