Tax Filing Strategies for Small Business Owners – Pt. 1
Your taxes are one of the most important areas of your business’s financial health. As you prepare to file your return, make sure you’re getting all the credits you deserve. These four strategies give you the foundation you need to maximize your deductions and minimize liability:
Claim The Health Care Tax Credit – If eligible, employers with fewer than 25 full-time employees whose salary payouts average less than $50,000 per year and pay at least half of employee health insurance premiums can enjoy a significant tax credit.
Deduct Health Care Premiums – Applicable to individual health plans where premiums are paid out of pocket, this deduction may allow you to claim said premiums on your taxes.
Take Advantage of Miscellaneous Deductions – From work travel to ATM card fees for business transactions, these odds and ends add up over the course of a year.
Does Your Business Provide Child Care? Claim a Credit – This boost to your return can be up to 25% of the expenses paid to provide child care, up to $150,000 a year.
If you want more ways to save, your best bet is to seek help from a professional. Experts on small business accounting in Long Island, NY, can help you uncover all the opportunities available when you file taxes. Find a team that works with your needs and that has the experience to optimize your deductions when you contact Michael J. Berger & Co. at 631.471.3400.