GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
Be sure to keep detailed records and receipts, as these deductions can reduce your overall taxable income.
Take Advantage of Section 179
Section 179 provides a major tax benefit you might not know about.
This can be asignificant tax benefitfor small businesses, allowing for immediate expensing and reduced taxable income.
Maintaining a clear separation between business and personal finances is very important, Mohamed said.
Open a separate bank account and use a dedicated credit card for business expenses.
This makes tracking income and expenses much easier, simplifies tax preparation and provides a clear audit trail.
Mixing funds can lead to complications and potential issues with the IRS.
More From GOBankingRates
Share This Article:
The Latest inTaxes
