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Discounts For Business Taxes
Taxes are one of the few sureties in life. Not only do you have to think about taxes in your personal life, but you also have to consider them as a business owner. Along with working with a tax professional, there are steps that you can take to help save money on your business taxes. Keep these tips in mind to help ensure that your business account is not emptied during tax season.
- Insurance premiums – some of your business insurance premiums can be deducted as business expenses on your taxes, including the premiums for your liability, property, commercial auto, workers compensation, and malpractice insurance. Part of your life insurance and group health premiums can also be deducted. Keep in mind that the rules about deductions frequently change, so make sure to check the rules before filing your taxes.
- Donations – if you have made any donations as a company throughout the year, they can be deducted. These donations can include volunteer time, property donations, and monetary donations.
- Energy-efficient credits – if you made any upgrades to your property that make the property more efficient, you can qualify for special tax credits. You can also receive additional tax credits if you buy electric, hybrid, or alternative fuel vehicles to use as company cars.
- Equipment purchases – if your business falls into a certain revenue category, you may be able to deduct certain business purchases, including manufacturing equipment, business software, and furniture.
- Hiring qualified employees – hiring disabled individuals or veterans may qualify you for tax deductions. There are special qualifications to receive these deductions.
For all of your business insurance coverage needs throughout Northern California, contact Cook, Disharoon & Greathouse in Oakland, California. We will work with you to ensure that you have the right amount of protection, all at the right price for your business.
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