Do you own a small business? If so, then you
should know that your tax situation is quite a bit different from that of the
average taxpayer. However, this isn’t necessarily a bad thing. In fact, in many
cases, you could enjoy a lot of benefits and deductions that other people don’t
get. The key is to follow a few basic tax tips and, ideally, to seek the help
of a qualified accountant used to helping small business owners like yourself.
Consider
the Health Care Tax Credit
Many small business owners are eligible for
the health care tax credit, which can offer great savings.
In order to qualify, you’ll need to have fewer
than 25 employees working for you full-time. You’ll also need to pay an average
salary lower than $50,000 to those employees and pay half of their health
insurance premiums.
If you can meet those simple qualifications,
however,- and a lot of small businesses do- you can claim and enjoy this
credit.
Deduct
Charitable Expenses
Is your business a charitable one? Maybe you
contribute to the community through volunteer work? Or, perhaps you do things
like donate money to local organizations?
Whatever the case may be, if you’re giving to
others, you can give back to yourself come tax time by deducting those
charity-related expenses. Just be sure to keep careful track of them in case
you ever face an audit.
Take
Advantage of the Work Opportunity Credit
Does your small business employ veterans or
disabled individuals? If so, you might qualify for this great credit, which
will allow you to deduct as much as 40% of the first $6,000 paid in wages to a
member of such a group.
Be sure to carefully read and understand the
eligibility requirements for this credit before you take advantage, however.
Remember, taxes can be tricky, especially for
small business owners. So, before you do anything, unless you’re absolutely
sure, speak with a qualified accountant. After all, you want to make sure every
tip you follow- and these are just a few- helps you instead of backfiring!