Tax Strategies & Credits

4 Surprising Ways You Can Save Thousands on Business Taxes

2/22/2017

If you own a business, you have a surprising amount of tax benefits at your disposal that you might not be aware of. It seems intuitive enough that expenses you have to incur to keep your business up and running like internet and hosting, marketing, legal fees, and so forth are deductible. But there's actually a plethora of expenses you can write off that seem small at first, but really add up and can amount to slashing thousands of dollars off of your tax bill. Then when you purchase big-ticket items like vehicles and equipment, the date you start using them is also important so that you can get the most out of these large purchases tax-wise. Here's some ways that you can save on business taxes that you may not have realized.

Business Expenses For Overnight Travel

If you are in a profession that requires a lot of business travel and/or you do the convention circuit frequently in your industry, travel expenses add up incredibly fast.

You can deduct your attendance fees as well as your airfare and ground transportation for your trip. If you are driving, the 2017 rate for business miles driven is $0.535/mile. But so long as you are going away for at least one night, there are many other small expenses you can write off that add up quickly. The cost of meals the entire time you're traveling is deductible up to the 50% limit even if you're dining by yourself, and while the purchase of business attire isn't deductible you can write off your laundry and dry-cleaning costs in full. It's a good idea to save your dry-cleaning for when you go away for business trips so that you can write it off your taxes.

Keep in mind that if you are simply taking a long trip during the day for a seminar or business meeting but returning home at night, you can't freely deduct meals and dry-cleaning. Meals will still need to meet the rules for having some role in enhancing a business relationship with someone and dry-cleaning won't be deductible.

Expensing Major Purchases Using the §179 Deduction

When you make a major purchase such as a computer, software system, or equipment you usually have to depreciate this item. Depreciation refers to writing off the cost over an amount of years designated for the type of property that you purchased. Since more businesses rely on computers and other related equipment today and obsolescence happens so much faster than it did before, you have the option under §179 of the tax code to expense these items instead of depreciating them. Most machinery and equipment is eligible for §179 treatment as is off-the-shelf software available to the public. Databases and custom software with exclusive licenses do not count unless these programs are in the public domain.

179 deductions can save you significantly more money than depreciation over the years. By electing §179 treatment, your major purchases will have a more immediate impact on your tax bill which can help you out when your cash flow is more constricted as a result of making that major purchase. §179 deductions also make more sense than depreciation for items with relatively lower costs, like laptops and tablets, that are prone to becoming obsolete in three years or less.

Changing Business Entities

If you're a solopreneur, you're likely starting out being taxed as a sole proprietor and self-employment tax can hit you really hard once your business starts to prosper. Incorporating as an S or C corporation is often thought to be a more expensive option in the beginning but over time can prove to offer more options for shielding your income from taxes.

C corporations have a double taxation aspect in that corporate income taxes are paid at the entity level and any income that is paid to you as a salary or dividend will be taxed at the personal level. In spite of this, C corporations can be ideal if you are not looking to withdraw a significant portion of your earnings to live on and are reinvesting most of what you earn back into the business.

S corporations also offer many tax advantages such as the profits not being subject to self-employment tax, with the trade-off being that you are subject to the reasonable compensation rules. Reasonable compensation implies that you need to pay yourself a salary comparable to what someone in your industry would receive for performing similar duties but also keeping your company's financial realities in mind. If you hit a loss or your profits are nowhere near that "reasonable" salary, it can be assumed that it's reasonable to take little or no salary at all.

Be mindful of state and local tax laws when looking to switch entities as many have their own corporation and unincorporated business taxes. In New York City for instance, S status is recognized at the state level but not the city level which puts city residents at a disadvantage.

Upgrade Your Skills

Education is one of the best investments you can make in yourself and it's also tax-deductible. If you are formally going to back to school, you may be eligible for the Lifetime Learning Credit. But if you are attending workshops, buying Udemy courses, and reading books about getting better at what you do then it's simpler to write it off as a business expense. Formal university courses can also be written off as a business expense providing that the coursework isn't meant to qualify for you a new trade (only your existing one) or to meet the minimum education requirements of your current trade or business.

There are a surprising number of ways you can work the tax code to your advantage, and all while getting to live the dream of having your own business. There's even more tax benefits in store if you work with a tax professional who stays up to date on tax laws so you don't have to and can help you with the timing aspect of your business taxes.

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Bob Mason

Bob Mason is the founder of Coast Financial Services Inc. servicing both the Santa Cruz, and San Jose areas. Bob Mason is a skilled financial professional who is fully equipped to assist any of your accounting needs. Founding his firm in Santa Cruz, Bob understands the importance of small businesses and how they form the backbone of the area. Coast Financial Services, Inc. has been dedicated to the growth and profitability of businesses in Santa Cruz for 17 years. To learn more about Bob Mason and the rest of his team, visit their website.

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TaxBuzz AI is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz AI should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz AI, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz AI. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the AI-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz AI is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz AI provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz AI, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz AI is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz AI does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz AI, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz AI constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz AI.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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