One perk of running your own business is that business expenses can be tax deductible, helping you lower your tax bill!
Here are 5 of the best tax deductions for you and your business:
1) Meals & Drinks
Business meals and drinks are deductible when the purpose is for business. A little bonus tip is that in 2022 business meals and drinks are 100% tax deductible.
2) Car Payments
If you lease a car, your monthly payments can be tax deductible. If you own your car, things like vehicle mileage can qualify for a tax deduction.
When you travel for business, things like airfare and hotels can qualify for a tax deduction. Just make sure you save your receipts!
If you rent an office space, you can deduct your rent. If you have a home office, the square footage of your home that is used for business is deductible.
Donations are also a tax deduction which is great. If you help a charity in need, your contribution is a deduction on your tax return.
Hope this helps. If you have questions, feel free to reach out to our team!