{"id":39791,"date":"2021-11-17T12:40:27","date_gmt":"2021-11-17T17:40:27","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=39791"},"modified":"2022-01-20T17:56:39","modified_gmt":"2022-01-20T22:56:39","slug":"7-common-tax-deductions-for-small-businesses","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/7-common-tax-deductions-for-small-businesses\/","title":{"rendered":"7 Common Tax Deductions for Small Businesses"},"content":{"rendered":"

\"7Looking for more ways to pay less in taxes for your small business? You\u2019ve come to the right place. It\u2019s never too late\u2014or too early\u2014to start considering all the expenses you\u2019re able to write-off as a small business owner. It\u2019s an easy way to bring in more revenue. Let\u2019s dive in to some of the most common tax write-offs you should be considering.<\/p>\n

First and foremost, we\u2019ll explain what a tax deduction is. According to Investopedia<\/a>, \u201cA tax deduction is a deduction that lowers a person\u2019s or an organization\u2019s tax liability by lowering their taxable income. Deductions are typically expenses that the taxpayer incurs during the year that can be applied against or subtracted from their gross income to figure out how much tax is owed.\u201d Some key things you might be able to write off this year include\u2026 <\/strong><\/p>\n

Home Office Use<\/strong><\/p>\n

We\u2019ve been experiencing unprecedented weirdness over the last year when it comes to our work lives. If you\u2019ve been running your business from the inside of your home for the past year, there\u2019s a good chance this space can be a tax write-off. According to Forbes<\/a>, an area of your home would need to be used \u201cexclusively and regularly\u201d for business dealings. Check with the IRS<\/a> to learn if the home office tax deduction applies to you. <\/strong><\/p>\n

Utilities<\/strong><\/p>\n

Electricity, water, gas, telephone, internet\u2014all of these utilities that are necessary for the operation of your small business are considered tax write-offs. Just remember that if you\u2019re working from home, your personal home phone is not considered a write-off. <\/strong><\/p>\n

Marketing<\/strong><\/p>\n

Remember all those times we talked about the importance of marketing<\/a> your small business? The costs you incurred printing business cards, making signage, sending out flyers, and taking out ads is all considered a deduction. What about the creation and maintenance of your website? Yep, that\u2019s a write-off too. <\/strong><\/p>\n

Loan Interest<\/strong><\/p>\n

Got a small business loan (perhaps from ARF Financial)? The interest you pay on that Flex Pay loan<\/a> or money drawn from your line of credit<\/a> is all fair game as a deduction from your income tax.<\/p>\n

 <\/strong>Equipment and Software<\/strong><\/p>\n

Ever heard of the Section 179 Deduction<\/a>? Neither had we. According to its website, \u201cSection 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and\/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the full purchase price from your gross income.\u201d Pretty cool, right?<\/p>\n

Benefits for Employees<\/strong> <\/strong><\/p>\n

Everything from retirement funds to health insurance falls under the tax-deductible column, as does the salary you pay your employees and the bonuses they may be offered.<\/p>\n

Business Taxes<\/strong><\/p>\n

This might seem a little counter-intuitive, but the taxes your business pays are tax deductible. Think of things like sales tax, state taxes, and real estate taxes.<\/p>\n

It\u2019s no secret that ARF Financial has been a leading financial services company for decades. Since 2001<\/a>, we\u2019ve been helping small business owners like you secure over $810 million in funding. We make sure our clients get the funds they need fast, and we offer fixed weekly payments that won\u2019t increase over time. So from Flex Pay loans<\/a> to lines of credit<\/a>, ARF Financial has you covered \u2013 just ask our customers<\/a>!<\/p>\n

 <\/p>\n

 <\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

Looking for more ways to pay less in taxes for…<\/p>\n","protected":false},"author":5,"featured_media":39792,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[698,909],"tags":[885,398,402,386,535,220,213,836,818,401,224,222,172,819,311,226],"class_list":{"0":"post-39791","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-small-business-financing","8":"category-taxes","9":"tag-7-common-tax-deductions-for-small-businesses","10":"tag-affordable-business-loans","11":"tag-affordable-small-business-growth","12":"tag-business-loans","13":"tag-equipment-leasing","14":"tag-flex-pay-loans","15":"tag-line-of-credit","16":"tag-small-business","17":"tag-small-business-business-loans","18":"tag-small-business-expansion","19":"tag-small-business-financing","20":"tag-small-business-funding","21":"tag-small-business-growth","22":"tag-small-business-leasing","23":"tag-small-business-line-of-credit","24":"tag-small-business-loans"},"acf":[],"yoast_head":"\n7 Common Tax Deductions for Small Businesses - ARF Financial<\/title>\n<meta name=\"description\" content=\"7 Common Tax Deductions for Small Businesses- Looking for more ways to pay less in taxes for your small business? 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