Biz tips from PBSC: Tax Tips for Small Businesses

Tax time will be here soon. Don’t miss out on deductions due to your small business status. Here we list a few, but be sure to check with a small business tax preparation expert to review how it applies to your business.

Auto Expenses

As a small business owner, you are able to deduct some of your automobile expenses if you use your vehicle for your business.

Entertainment Expenses

You may deduct for entertaining clients and prospective business contacts as long as business is discussed during the event.

Travel Expenses

If you travel a lot for work you can deduct some of your travel expenses. These expenses include: airfare, car or taxi usage, lodging, meals, calls and faxes.

Charitable Contributions

If your company is a Partnership, S-Corporation, or Limited Liability Company you can deduct for charitable contributions.

Advertising and Marketing Costs

Advertising and marketing costs directly related to your business may be deductible. Some of these may include business cards, radio, television or print ads and promotional activities.

For more on this topic, or for no-cost consulting with certified business analysts, including growth acceleration consultants and PTAC specialists, contact the SBDC at 561-862-4726 or email sbdc@palmbeachstate.edu