If you run your own large company or small business, you might be overpaying on your taxes. There are certain tax deductions that specifically apply to business owners, and taking advantage of these tax breaks can greatly benefit your profit margin.
Whether you have a company car or use your personal vehicle for business, you may be able to take deductions on your auto expenses. You can either choose to note all of your actual related expenses or just report the miles that you drive for work on your taxes. If you drive a newer vehicle, the actual expenses option will likely save you the most money.
Fees for Professional Services
If you hired an accountant, lawyer, or other professional and their fees apply to managing the current year’s activities for your business, these expenses can possibly be subtracted from your taxes. A Las Vegas business lawyer can work with you to see if you qualify for these deductions.
Expenses related to your marketing efforts can be deducted under certain circumstances. If you have business cards, brochures or other materials produced to advertise your business, these expenses can usually be deducted from your taxes. You can even subtract expenses for promotional items, such as pens and calendars, from your taxes. Any “help wanted” ads do not count as advertising materials, but the costs associated with these can still possibly be deducted as other expenses that apply to running your business.