Knowing the top income tax deductions for small businesses can help save you to save money on the costs of running your company. At Leskun & Son Accounting, we have experience handling taxes for small businesses throughout Langley, Abbotsford, and Mission and this experience has helped us to know some of the best ways to help our clients save money during tax season.
Top Small Business Income Tax Deductions
When filing taxes for your small business, make sure that you keep the following tax deductions in mind to ensure that you are saving as much money as possible:
Vehicle and Travel Expenses
If you use a car or truck for business purposes or if you ever travel for work, you qualify for a deductible. Make sure you always keep records of travel expenses like gasoline, mileage, vehicle maintenance, airfare, and any other expenses.
Whether it is paper, technology, or tools, the costs for work supplies can be deducted from your taxes. Whenever new supplies need to be purchased, make sure that the expenses are recorded and receipts are kept.
Property and Utilities
The space that you use for your work is deductible, whether you own it or not. Even if you use a section of your home for business, that space can be calculated as a deductible cost. Any utilities that are used for work, such as electricity, can also be deducted.
If you pay anyone to work for you, the money spent on their wages, salary, or contracted work is deductible. Whether they are a permanent employee or outsourced work, payments to any person or agency are usually able to be marked as deductible on your taxes.
Any money spent on marketing your business is usually deductible. Whether you are renting space for advertising, paying an agency, or sending out printed materials, the expenses of advertising should always be submitted as deductibles.
To find out more income tax deductions for small businesses, or to get started with any of our financial services, please contact Leskun & Son Accounting at 1-877-826-1219 or fill out a contact form on our website.