Aug 27, 2024
10 Hidden Tax Deductions That Could Save Your Small Business Thousands
Taxes10 Hidden Tax Deductions That Could Save Your Small Business Thousands
10 Hidden Tax Deductions for Small Businesses
1. Home Office
Potential savings: $1,500
2. Vehicle
Potential savings: $2,000
3. Prof. Development
Potential savings: $1,000
4. Health Insurance
Potential savings: $3,000
5. Retirement
Potential savings: $2,500
6. Advertising
Potential savings: $1,800
7. Bank Fees
Potential savings: $500
8. Depreciation
Potential savings: $2,200
9. Travel
Potential savings: $1,700
10. Software
Potential savings: $1,200
Key Takeaways
- Keep meticulous records of all business expenses
- Consult with a tax professional to maximize deductions
- Review these deductions annually as tax laws may change
- Don't overlook small expenses - they add up over time
KC Chohan
CEO Together CFO
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KC Chohan
CEO Together CFO
KC Chohan
CEO Together CFO
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