{"id":36250,"date":"2019-12-10T18:41:47","date_gmt":"2019-12-10T22:41:47","guid":{"rendered":"http:\/\/www.andysowards.com\/blog\/?p=36250"},"modified":"2019-12-10T18:43:18","modified_gmt":"2019-12-10T22:43:18","slug":"great-ways-save-small-business-taxes","status":"publish","type":"post","link":"https:\/\/www.andysowards.com\/blog\/2019\/great-ways-save-small-business-taxes\/","title":{"rendered":"Great Ways To Save on Your Small Business Taxes"},"content":{"rendered":"

The taxes involved in a small business can easily cause confusion for the business owner. This can cause many questions to come up including: why, how much, and how can they be reduced?<\/p>\n

It is very important to find available ways that allow your income taxes to be lower in a legal way in order to continue to enjoy having high returns. The best way to accomplish this is by having your small business taxes lowered.<\/p>\n

Sadly, there are several types of deductions available for small businesses, but they are unaware of them so they end up overpaying on things that other businesses enjoy writing off. There is so much involved when dealing with taxes and trying to get your taxes lowered. However, if you have the right plan of action, you\u2019ll be able to save a lot as you enjoy life.<\/p>\n

Below, we have listed a few ways that can save you a lot of money in taxes:<\/p>\n

Monitor Your AGI<\/h3>\n

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An AGI (adjusted gross income) is what ultimately determines any limitations and tax breaks. An example of this is when you are able to avoid the increased Medicare tax as long as your AGI remains below $200k.<\/p>\n

Have an Accountable Plan<\/h3>\n

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You can get a huge tax advantage if your business utilizes an accountable plan. With this IRS-approved plan, it allows a business to deduct its expenses used for employee reimbursement purposes. Although the business deducts these types of expenses, they are not required to report them as part of an employee\u2019s income which can save on both income that is taxable and employer taxes.<\/p>\n

Be Tax-Smart<\/h3>\n

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Using tax strategies<\/a> will help you to reduce the taxable income by having a good plan with handling all expenditures. This means you are able to use the costs of equipment as a deduction.<\/p>\n

Nonetheless, with businesses that have not been able to make a profit, they may be able to get away by claiming depreciation. This may help with future deductions for when assets could become valuable.<\/p>\n

Different courses of action you need to be aware of include:<\/p>\n