One of the first questions that new business owners ask a tax accountant is, “What can I deduct?” But this question and the related one, “How do I safely take a deduction?” shouldn’t only be considered by new
Every dollar of deduction typically saves you $.30 to $.50 of taxes. Accordingly, you want to take every deduction you can. And you want to arrange your business and personal affairs in a way that entitles you to legitimately take additional deductions.
The August issue of the Business Owners Tax Newsletters explains the rules for taking small business tax deductions--and the tricks for maximizing these deductions.