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5 Must-Know Tax Tips for Small Businesses

"5 Must-Know Tax Tips for Small Businesses" to learn how you can maximize deductions, avoid errors, and keep more of your hard-earned profits.<br><br><br>Our tax experts will provide easy-to-implement tax tips for small businesses on tracking expenses, understanding your tax obligations, claiming the home office deduction, leveraging tax credits, and working with a tax pro. Whether youu2019re filing as a sole proprietor, partnership, or LLC, youu2019ll walk away with actionable strategies to cut your tax bill and properly file your return before deadlines.<br>

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5 Must-Know Tax Tips for Small Businesses

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  1. 5 MUST-KNOW TAX TIPS FOR SMALL BUSINESSES Use these tax tips to maximize deductions, avoid errors, and keep more profit as a small business owner. 1 Track Your Business Expenses Save all receipts and record expenses Use an expense tracking app or mileage log to stay organized Consult IRS rules on deductible expenses Understand Your Tax Obligations 2 Pay estimated quarterly income taxes Charge, collect & remit sales tax Issue 1099s to contractors File an annual information return Claim the Home Office Deduction 3 If you work from home, you may be able to deduct home office expenses like rent, utilities, insurance, etc. The home office must be used regularly and exclusively for business 4 Take Advantage of Tax Credits Energy-efficient commercial buildings deduction Confirm eligibility requirements Use credits to offset tax liability and lower your tax bill 5 Consult a Tax Pro Meet with a CPA or enrolled agent experienced with small biz taxes Discuss your business structure, income sources, deductions to maximize write-offs Get help organizing records and completing complex tax forms

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