Everyday Tax-Hack For Small Business
There are many ways to save money and many ways to make money, but there’s one thing that all businesses have in common: taxes. Whether you’re a small business owner or an employee of a larger company, the IRS is always looking out for its cut—and it’s not the only cost of doing business. Whether you have employees or not, your expenses can add up quickly depending on what kind of business you’re running. Fortunately, there are some easy-to-implement tax strategies that can help keep things under control when it comes to both employee payroll taxes as well as deductions for capital equipment purchases and other costs associated with running your own business.
Don’t Pay Too Much on Your Mortgage Interest
Mortgage interest is tax deductible, but the mortgage interest deduction is capped at $750,000. The deduction is phased out for high earners and not available for second homes. If you’re planning on buying a home in 2019 and have plans to sell it within 10 years (or if you’re looking at buying an investment property), now’s the time to get those numbers in order so that you don’t pay too much on your mortgage interest after taxes are applied!
Decrease your CPA’s Billing Rate
Negotiating with your CPA is the best way to get the price down.
- Find a cheaper CPA: If you have several years of experience running a business, then you should be able to find another CPA who charges less than your current one.
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