Small Business Tax Secrets Revealed: Learn More with this Updated Expert Advice

small business trends dm

2018 Small Business Tax Deductions Revealed: Learn More with this Updated Expert Advice

With income tax season approaching, it’s time to make sure you’re up to date with tax deductions permitted by the IRS and those putting your business in hot water.

So before you fire up that tax filing software or go to meet with your tax adviser, be sure to read the freshly updated tax information below.

2018 Small Business Tax Deductions

While some things are the same, others have either changed or are about to thanks to new legislation. We’ve teamed up with Small Business Trends tax columnist Barbara Weltman to provide you with the latest.

There are some perfectly acceptable tax deductions you can claim for your small business including:

  • Salaries and wages
  • Costs for contract labor
  • Depreciation
  • Rent on your business property

And others may be expenses but cannot be claimed as deductions without raising the ire of tax examiners:

  • Clothing for work
  • Travel to and from the office
  • Gifts to customers, business associates and vendors
  • Fines and penalties

What’s more, changes in the newly passed Tax Cuts and Jobs Act mean changes in allowable deductions come thee 2018 tax year. But They’re probably things you should know about now for your planning throughout the year.

Will you still be able to deduct reimbursements for employees’ commuting costs, reimbursements for employee relocation costs or entertainment costs — like taking a client to a theatrical or sporting event? Don’t miss these updated articles to find out!

Barbara is an author, attorney and tax expert who serves as a professional advocate for small businesses. She publishes a monthly newsletter, “Big Ideas for Small  Business” and is writer of 25 books, including the popular “J.K. Lasser’s Small Business Taxes” and “J.K. Lasser’s 1001 Deductions & Tax Breaks.”  

Read her updated versions of the articles Top 20 Tax Deductions for Small Business and Perfectly Legitimate Business Expenses You Can’t Deduct here at Small Business Trends.

Photo via Shutterstock

This article, “Small Business Tax Secrets Revealed: Learn More with this Updated Expert Advice” was first published on Small Business Trends


Small Business Tax Secrets Revealed: Learn More with this Updated Expert Advice
Source: small business trends dm

SEO Dubai - Digital Marketing Dubai - Freelance Digital Marketing Dubai

Private Jet Hire - The Most Competitive Prices.
Call us 24/7 or Get Quotes Online. Call 24/7 ·
Compare Prices Online · Expert Team · VIP Service

Post navigation

Leave a Reply