Taxes can be a large expense for any business. However, for a small business, they can be a heavy burden. Use these tips to avoid paying more in taxes than necessary:
- Stay current on this tax year’s deductions: tax credits and deductions change from year to year, requiring that you stay current on what is or is not allowable under the current law.
- Keep good records and receipts: without good records and receipts there is no way to prove your business qualifies for a deduction or credit.
- Claim the tax credits granted under the Affordable Care Act: under this act, credits started at 35% of the cost of premiums. That credit is scheduled to increase to cover 50% of health premiums.
These credits and deductions can save valuable funds that are needed elsewhere. For more information on how to protect your business and spare yourself unnecessary expenses, contact Bell Black Insurance, located in Idaho. Bell Black Insurance provides the commercial insurance coverage your business needs to comply with tax laws while saving your small business money.