![]() ![]() Deductions are a legal way to reduce the amount of business income that is subject to tax.” “Failing to claim all the small-business tax deductions you’re entitled to is like flushing money down the toilet. Steve Nicastro of Nerdwallet lays out this risk in no uncertain terms: Given the complexity of the modern tax code (and the sheer number of tax deductions available to small business), this puts these filers at risk of missing deductions that would save them money. While larger companies can hire accounting firms or in-house tax specialists to handle their bookkeeping and tax filing work, these avenues are often cost-prohibitive for small business owners and entrepreneurs-many of whom choose to file on their own. But while the impact of small businesses is impressive, their growth presents additional challenges. sales, 55 percent of all jobs, and 66 percent of all net new jobs since the 1970s. These solo workers and small employers account for 54 percent of U.S. Small Business Administration reports that there are 28 million small businesses in the country. Are you confident you’ve claimed all the deductions your small business is owed? This year’s April 18th tax filing deadline is fast approaching. ![]()
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