As an Entrepreneur, you can maximize five legal tax deductions that will ultimately increase your small business cash flow. For the average taxpayer, a tax return is something they focus on only once a year. In order to leverage the tax incentives provided by the government, an overall tax strategy needs to be a part of your everyday thought process.
To help you save thousands, if not millions, of dollars over the lifespan of your business, here are the five most common deductions overlooked by small businesses.
1. Home office deductionThe number one overlooked tax deduction by small business owners is the home office deduction. Many tax preparers discourage this deduction over concerns that it may raise a “red flag.” If you hear this objection from your accountant, it’s time to find another tax professional. Follow the rules, the IRS will be fine with your legal home office deduction.
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