Tax season is an important time of the year for small businesses. Limiting how much you pay in tax plays an important role in creating flexibility in your business, freeing up capital, and having the resources to grow and expand, which is why having good small business tax accounting is a huge asset for your business.
One of the most effective ways to limit how much you pay in tax is by taking advantage of the various small business tax deductions.
“Failing to claim all the small business tax deductions you’re entitled to is like flushing money down the toilet. As small-business owners prepare their taxes this year, it’s important they don’t miss any of these most commonly overlooked tax deductions, to avoid paying more money than necessary,” says Steve Nicastro on nerdwallet.com