Fact Sheet: Tax Breaks for Small Businesses
Knowing the right tax breaks to take for your small business can help ease the pain a bit come tax season and give you a leg-up on the competition. When we provide business consulting and tax planning services here at Steiner Business Solutions, one of our goals is to open the eyes of our clients to the world of available deductions they can take. We’ve rounded up a few here to help get you started on saving money come tax time. Self-Employment Tax If you’re self-employed, listen up. All employees, whether self-employed or employed by a business, pay Social Security taxes and Medicare taxes. But when you’re self-employed, you’re responsible for both pieces of the pie: the half paid by the employee, and the half typically paid by the business. This is known as the self-employment tax. While that may be discouraging, there is a bright spot. You can deduct the portion of your self-employment tax that an employer would typically pay. Advertising When you’ve got a small business, getting the word out is crucial. Advertising fees tend to add up quickly as you purchase ads in print and online, snag a few radio spots, print business cards, and create an eye-catching website. Some businesses also hold conferences and seminars to gain facetime with new and potential clients. If you’re just starting out, you’ve likely spent a good deal getting your branding together in the first place, from your logo to slogans and graphics. The costs associated with all this…