Oct 19, 20222 min read

Tax Advisor and Accounting Services Help Reduce Small Business Tax

Diamond Head Tax Group's expert services will help your enterprise find more opportunities for tax deductions. Call Diamond Head Tax Group: 808-468-8041

Taxes can take a chunk out of your business' earnings, but it doesn't have to be this way. Reduce taxes on your small business by taking advantage of tax deductions. Diamond Head Tax Group's expert services will help your enterprise find more opportunities for tax deductions, which are subtractions from your business' taxable income.

Make The Most Out Of Tax Deductions

Business expenses are generally tax deductible so long as they are "ordinary and necessary" according to the IRS' definition. This means expenses that are common and help your business grow can be counted as eligible deductions. Examples of deductible small businesses include:

Rent and utilities

Office expenses such as rent, utilities, computers, internet bills and cell phone expenses count as tax deductible.

Office supplies and expenses

Printer ink and toner, notebooks, pens and paper, even snacks for the pantry and cleaning supplies are deductible.

Labor and payroll

Hiring staff and contractors, running payroll and continuing education is tax deductible.

Operation

The usual operating costs count as deductible business expenses, including insurance, web development and subscriptions, even hiring professional financial services like accountants and tax advisors.

Personal and business expenses

You can deduct a percentage of the expenses for a space or item used for both work and personal purposes. Cell phones that are used for work 10% of the time are eligible for a 10% deduction of the cell phone bill.

Mileage

Driving between offices, client meetings and work events can be deducted per mile driven or based on actual expenses.

Travel

Travel costs for business trips are tax deductible, this includes expenses for flights, trains and hotels. Businesses can even claim up to 50% of meals provided to employees or purchased during business travel.

With the assistance of a tax advisor your business will be able to account for all the eligible tax deductions and reduce the taxes on your business, allowing you to preserve more of your earnings.

With the help of a good tax advisor you can find out how to save on taxes in ways you might not be able to figure out on your own. Call Diamond Head Tax Group: 808-468-8041

Contact us and let our skilled Oahu Tax Experts offer their well-rounded tax advice and tailored tax solutions to help you file accurate tax reports and avoid unwanted IRS attention.