Unlock 6 Hidden Tax Deductions for New Business Owners By Tamecia Shaheed
Tamecia Shaheed is a Tax Strategist who helps business owners maximize savings and grow their profits. She affirms that business owners need to proactively plan throughout the year to maximize tax savings. She works with her clients to implement strategies to use the tax code to their benefit legally and ethically. As a new business owner, one of your primary goals should be to maximize your business deductions to minimize your tax liability. Effective tax planning can significantly impact your bottom line, allowing you to reinvest more into your business. This comprehensive guide will cover various strategies and deductions available to small business owners. 1. Start-up Costs Starting a new business involves various costs, many of which can be deducted to reduce your overall taxable income even if the company has yet to generate revenue. Normally, the costs of starting a business must be amortized (deducted ratably) over 15 years. However, you can elect to deduct up to $5,000 of s