6 Small Business Tax Deductions

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Source: U.S. News & World Report
By Maryalene LaPonsie
February 15, 2019

Small business owners looking to reduce their tax burden can take advantage of several money-saving deductions. These include existing deductions, such as those for vehicle expenses and home offices, as well as a brand new qualified business income deduction that will allow some small business owners to write off 20 percent of their income.

Major tax preparation providers like TaxAct, TurboTax and H&R Block offer software designed for businesses, but using a professional tax preparer could avoid costly mistakes. “You don’t want to slip up and cost yourself a nice perk,” says Mark Steber, chief tax officer for tax preparation company Jackson Hewitt. Even business owners who feel savvy enough to do their own tax returns could benefit from having their work checked by a professional every two to three years, according to Steber.

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