Tax write offs for small business owners 2015

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Tax write-offs are not simply a catch all category to stuff “expenses” into to get out of paying taxes. A small business could commit tax evasion in multiple ways, such as improperly claiming tax deductions by taking unauthorized tax deductions for personal expenses on your business tax return or falsely claiming charitable deductions.

You take the amount of the expense and subtract that from your taxable income. Essentially, tax write-offs allow you to pay a smaller tax bill. But the expense has to fit the IRS criteria of a tax deduction. Use this list as a discussion point and make sure you have the right person helping you with your taxes.

Consider this list of possible tax deductions for business owners. Under the new tax law, most small businesses (sole proprietorships, LLCs, S corporations and partnerships) will be able to deduct of their income on their taxes. Increase Your Tax Savings. The more tax deductions you have, the less taxes you’ll pay.

That’s why write - offs are so important for small business owners. This list is based on years of consultations I’ve had with entrepreneurs. And while some of these deductions do take a bit more effort to track, the savings are well worth the extra time.

And while some Americans can get creative with their deductions, many small business owners overpay their taxes every year simply because they aren’t aware of the deductions available to them. Claiming deductions can potentially save you a significant amount of money by reducing your taxable income so you pay less of your hard earned money to the government. The Tax Cuts and Jobs Act changed the way tax is calculated for most taxpayers, including small business owners and self-employed individuals.

It changed the tax rates and brackets, revised business expense deductions, increased the standard deduction, removed personal exemptions, increased the child tax credit and limited or discontinued.

If your business is a partnership, a limited liability company, or an S corporation (a corporation that has chosen to be taxed like a partnership), your business can make a charitable contribution and pass the deduction through to you, to claim on your individual tax return. If you own a regular (C) corporation, the corporation can deduct the charitable contributions. Please consult your tax professional before following any of the suggestions below. Whether you prepare your own tax returns or have an accountant do it, keep your eyes peeled for these frequently missed tax deductions.

May not be combined with other offers. So far in this Ecommerce Tax Handbook we’ve covered sales tax , Amazon FBA, and tax law deadlines. Now we’re on to the fun stuff: deductions.

Taxes are business as usual, but so are a lot of other things. Small business in the U.