Tuesday, December 10, 2013
4 Tax Changes That Put More Money in Small Business Owners' Pockets
Saving money in taxes means more money in your pocket, especially if you own your own business. Keeping on top of tax law changes is very important. It can make a big difference to your bottom line at the end of the year.
Here are four 2013 tax changes that can result in small businesses keeping more of what they earned during the year.
#1 - Small businesses can deduct almost the entire cost of a heavy truck or SUV from their taxable income in 2013.
#2 - Up to half the cost of health insurance can be deducted by small business owners. This deduction is for the premiums paid on behalf of employees.
#3 - A new flat-rate deduction for home offices is new for 2013. Flat rate deductions are an easy way to save on taxes.
#4 - If you plan your vacation with your business travel, you can deduct 100 percent of the total cost for transportation.