Maximizing Your Tax Savings as a Small Business Owner

Keep Accurate Records

Keep detailed records of all business expenses and income using accounting software or a bookkeeper. This ensures you claim all eligible deductions and reduces your tax liability.

Take Advantage of Tax Deductions

Explore deductions like the home office, advertising, professional fees, and employee salaries. These can significantly lower your taxable income and save you money on taxes.

Correctly Classify Your Business

Classify your business correctly (e.g., sole proprietorship, partnership, corporation) for tax purposes. Consult a tax professional to optimize classification, ensure compliance, and maximize deductions.

Plan for Next Year

Review your financial performance and plan for the next tax year. Consider tax law changes, business growth, investments, and retirement planning to position your business for success and maximize savings.

Tailored Accounting Solutions

Select the right accounting solution for your business needs to stay organized, track expenses, and prepare taxes efficiently.

If you need assistance with preparing for a business loan, the Economic Development Collaborative (EDC) can help. EDC provides one-on-one consulting services to small businesses