Small business owners have a lot to manage during the course of their work days. Running a business requires all of your energy and all of your time, which is why it’s understandable how some write-offs become missed savings opportunities for some busy business owners.
Here are a few important write-offs that the tax professionals at E&Y Agency offer Troy MI small business owners for tax savings.
Home Based Businesses Can Qualify For Tax Deductions
If you are using a portion of your home to conduct your business, you should be aware that some of your business expenses are deductible. Deductible home business expenses include things such as the use of a phone line, internet use, and computer. Your E&Y Agency tax professional will be able to guide you through the process of determining exactly what is deductible and how you can keep track of specific expenses.
IRA Plans Are Important For Small Businesses With No Employees
Individual Retirement Account (IRA) plans are an important savings tool for the small business owner. There are various choices of retirement plans available, depending on your business. Some may choose a 401(k) deferral, a SIMPLE (Savings Incentive Match Plan for Employees) IRA, or a SEP IRA (Simplified Employee Pension). Each has its different benefits. Not sure exactly which way to turn when it comes to savings plans? No problem, your E&Y Agency Tax Professional for small businesses can guide you through the process.
Travel Expenses Are Deductible
All your business expenses while on the road are deductible. Not only are mileage, parking, and gas expenses deductible, but so are meals and entertainment for clients. See your E&Y Agency Tax professional for the specifics on these allowable expenses.
Depreciation Of Equipment
The equipment and property you’ve purchased for your small business can be depreciated on your tax return if they are expected to last longer than a year. Even certain types of repairs made to your property and equipment can be deducted.
Tax Help For Small Businesses In Troy MI
Small business owners have plenty of day-to-day responsibilities during their long work days, which is why at E&Y Agency, we are here to offer guidance to small businesses when it comes to tax deductions that can potentially add up to large tax savings. Call our tax office in Troy MI today at 248-362-1313 to learn more about how our tax professionals can work with your Troy MI small business.