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GOBankingRates spoke with small-business owners who shared their best tax tricks tohelp you maximize your refund this year.
If youve invested in essential business equipment during the tax year,this could mean huge savings.
Claim Your Home Office Deduction
If you work from home, dont overlook this valuable deduction.
The regular method allows direct expenses to be deducted in full.
Contributing the maximum amount to your retirement accounts serves two purposes, Jonah said.
It helps secure your future while providing immediate tax benefits by reducing your taxable income for the current year.
Most small-business owners dont realize how quickly vehicle deductions can add up.
I keep a dedicated logbook in my car and use a mileage tracking app as backup, Jonah said.
Bennett recommended reviewing your entity structure to see if youre eligible for this deduction.
These can vary from credits for hiring employees in a particular location to incentives for being green.
Small-business owners do not think about these often, but they can be extremely cost-saving.
He said he always suggests staying up to date on local programs that can help business owners save money.
Tax planning shouldnt be a once-a-year scramble.
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