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Best deductions for small businesses

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Information about Best deductions for small businesses
Business & Mgmt

Published on March 5, 2014

Author: huddlestontaxcpas

Source: slideshare.net

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Here are a few of the best deductions you can make as a small business owner. Take a look at this article from kiplinger.com for more information about the best deductions.http://www.kiplinger.com/article/taxes/T054-C000-S002-tax-breaks-for-every-life-stage.html
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The IRS has cut this deduction down to a one line for 2014 thus simplifying things a lot. A Forbes magazine article entitled, “Should You Take The New 2013 Simplified Home Office Deduction?” describes it this way: “Basically, the simplified method is an alternative to calculating and substantiating your actual expenses. It’s like using the standard mileage rate for deducting business auto expenses instead of the more cumbersome actual expenses (maintenance, gas, insurance).” As things stand, even without thorough documentation, this can still be great deduction for small business owners.

As a small business owner, you are allowed to contribute up to 20% of your small business’s income to a Simplified Employee Pension (SEP) IRA, and deduct this. This contribution lowers the total amount of taxable income and will incur taxdeferred interest until you retire. In a lot of ways, that’s a win-win both now and in the future.

Small business owners and the self-employed pay 15.3% in Social Security and Medicare taxes. This is quite a bill. Luckily, half of it is deductible without itemization which means you can take it right off the top and depending on your small business income this could be a considerable deduction and finally a bigger return.

The Social Security tax deduction isn’t the only deduction small business owners can file on the taxes they already pay. Medicare Part D and Part B premiums are also deductible. If you pay these taxes, you should have a nice deduction at the end of the day.

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