News : Tax Deduction Tips for Small Business Owners
• Save your receipts - This may seem obvious, but if you don't remember what you've spent you can't very well deduct those expenses. It's important to keep excellent records of any business related travel, dinners, etc.
• Don't forget about bonuses - A lot of times, small business owners have misconceptions about holiday bonuses. It is often assumed that bonuses are extra perks that are outside of normal payroll operations. These bonuses can be written off since they can be put in the labor category, which reduces your income. As an employer, you will still be required to pay normal state taxes. However, these bonuses canb count as federal tax deductions.
• Upgrade technology - Any technology purchases made by December 31st can be deducted. So, if you've got any old computers, printers, servers, etc. it is a great idea to purchase them before then.