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Do you own a business? Don’t forget these deductions

The tax deadline has rolled around yet again, and business owners are looking for every possible method to reduce the amount they owe. Taxes can take a hefty chunk out of a business’s earnings. It is necessary for business owners of large and small companies alike to take advantage of every possible option to save money on their taxes.

Fortunately, there are several deductions that business owners can claim on their tax returns. These deductions can add up quickly, saving you a significant chunk of change. Most business owners know to take advantage of obvious deductions like costs of goods and services, advertising and maintenance. But there are several lesser-known deductions that business owners should claim as well.

  • Business owners who own their own building can take advantage of cost segregation. It allows the owner to accelerate the depreciation of the building’s value. With the building’s value depreciated, it is taxed at a lower rate.
  • Another often-overlooked area where business owners can save money is research and development. Research and development encompasses software development, designing tools, creating patents and doing certification testing. This tax credit is not just for large businesses—small businesses can benefit from it as well.
  • A form of insurance called captive insurance can also save a chunk of change on your business taxes. It is a form of self-insurance that is used as asset protection. Like the research and development credit, captive insurance is often associated with large companies, but it can save money for smaller players as well.

Preparing business taxes

Savvy business owners are always looking for ways to save money. Preparing your business taxes in the most advantageous way possible will be a crucial money-saving tool. Many business owners choose to work with a tax professional such as a financial advisor or business attorney. After all, running a business is complicated enough without having to worry about the ins and outs of business tax preparation, like potentially omitting a valuable deduction.

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Atlanta, GA 30350

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Robert Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the May issue of The American Lawyer & Corporate Counsel magazine.Alex Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the December issue of The American Lawyer & Corporate Counsel magazine.

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