Insureon Blog

Micro Business Tax Savings Opportunities

25. March 2013 16:15

small business taxes

The deadline for filing your 2012 taxes is rapidly approaching. Whether you tied up last year’s finances months ago or are still scrambling to get all your paperwork in order, now is an excellent time to consider all the ways you can save on your tax bill as the owner of a micro business.

Here’s an overview of three key savings opportunities you can take advantage of this year.

Documenting Business Expenses for Smoother Tax Filing 

In addition to the deductions listed above, small- and micro-business owners can save money on taxes by deducting travel expenses, client entertainment, and contributions to a retirement fund. But in order to ensure a problem-free tax filing process, you’ll need to have adequate documentation.

This means establishing a system for saving and filing receipts throughout the year, from wherever in the country or world your business takes you. Investing a little time now to find a system that works for you has the potential to save you significantly in the years to come.

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Small Business | Tips for All Small Businesses

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