Small businesses spend thousands of dollars and over eighty hours a year to prepare for and file their federal taxes. Despite all of this time and effort, these businesses lose billions of dollars annually on tax deductions to which they fail to take advantage.
Here are seven tax deductions that your small business is probably missing out on. A small business owner should not only be finding ways to earn money but also be finding ways to save money.
1. Charitable Deductions
Small businesses often fail to account for all of their tax-deductible charitable contributions. While some charitable donations are relatively straightforward and easy to track—like a check written directly to a charity—others, especially smaller out-of-pocket charitable donation expenses, are almost always overlooked.
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