A Guide To Form 990 For Tax-Exempt Organizations

What is Form 990? Although many nonprofit organizations are exempt from paying federal taxes, the IRS requires tax-exempt organizations to file Form 990 for informational purposes. The IRS uses this informational return to determine whether you're still exempt from...

5 Critical Tax Tips For Nonprofits in 2019

No one enjoys filing taxes, but it can be especially problematic for nonprofits. Many nonprofits focus on their cause so much that they neglect proper organization. As a result, they deal with disorganized records and systems, and a lack of clarity around tax issues....


For a business owner, taxes can be overwhelming and cumbersome. Tax deductions allow you to save thousands of dollars each year on your taxes and make tax filing a much more bearable experience. In this post, we'll list some of the tax deductions you can use to...

The Smart Business Owner’s List Of Tax Credits

One of the best ways to cut costs as a business owner is to take advantage of all the tax deductions and tax credits for which you're eligible. As a business owner, you're concerned with the bottom line--increasing your net profits. That probably means you spend most...

PRESS RELEASE: Cassidy Jakovickas, CPA of Fresno, CA Appointed to Intuit’s Accountant Council

Select Panel Advises on Products and Services that Accountants and Their Clients Want Most             FRESNO, CALIFORNIA – June 4, 2019 –Today, Intuit, Inc (Nasdaq: INTU) announced that Cassidy...

Beyond The Numbers: What We’ve Been Reading

Although our team loves using numbers and spreadsheets to help our clients make the best financial decisions, we also enjoy reading great books. Staying well read on both fiction and non-fiction books helps us hone our imagination and introduces us to new, sometimes...

Looking Back At April

It’s hard to believe that we’re at the end of April, but it’s true! This month, we helped our clients wrap up another great (and busy) tax season. There was, as always, a lot of paperwork, emails, and nail-biting involved in the days preceding April 15, but that’s all...

5 Last-Minute Tips For Filing Taxes in 2019

Well, April 15 is almost here, and the tax-related panic is thick. If you haven’t filed your 2018 tax paperwork and are rushing to get your taxes in by the deadline, we’ve decided to give you some last-minute tax advice that will hopefully help ease your stress....

An Introduction To Cybersecurity for Business Owners

Keeping your sensitive business and customer data secure has never been more critical. Whether you are a small business or a national corporation, you can't relax your defenses against those criminals seeking to take advantage of lazy cybersecurity policies. Virtually...

March News Roundup

Wow! It seems like we just started March and we’re already moving into April! As we move into the final stretch of tax season, we’re recapping this month’s news for you, just in case you missed it amid the tax-related hubbub. MBS Accountancy: November Review This...

Top 10 deductions for small businesses

Reading Time: 2 minutes

For many small business owners, the thought of tax season can send a chill down your spine. With just a few employees, a lot on your plate and a whole bunch of numbers to crunch day in and day out, the last thing that any small business owner wants is more paperwork.

Unfortunately, the combination of a time crunch, an overwhelming to-do list and unawareness of the options available has left many small business owners paying more than necessary come tax time. You work hard to keep your business afloat, and you spend your days making the types of decisions that can make or break your rising company. Don’t let tax season break your stride. With the help of a trained tax specialist, you can find deductions for your small business you never even knew about, and go on focusing on what matters most—helping your business grow.

Here are the top 10 deductions that all small business owners should be aware of:

  1. Home office deduction. Do you work from home? If you have a dedicated office space in your home where you run all or part of your business, then you can likely deduct the expenses involved in keeping that office afloat (i.e. electricity, internet, mortgage payment).
  2. Charity contributions. You can donate to charities on behalf of your company, and that contribution becomes a deductable expense.
  3. Travel costs. Just about every small business needs to take matters out of town every once in a while. Keep all of your receipts! There is a chance those travel expenses are deductable.
  4. Health insurance. Those who are self-employed can deduct their health insurance costs.
  5. Employee healthcare. As long as you are paying at least half of your employee’s health insurance premiums, you may be able to deduct at least 35 percent of your output.
  6. Automobile. Every small business needs reliable transportation. As a small business you will be able to deduct expenses associated with a company car. Talk with your tax specialist to learn more about what qualifies as a company car.
  7. Advertising expenses. Certain marketing tactics like radio advertisements, business card production and print advertisements are often deductable.
  8. Software updates. Software is what keeps many small businesses running. If your purchase and use software within one calendar year than it may be deductable.
  9.  Equipment costs. What is a small business without a powerful computer? Or a copy machine? You may be able to deduct the costs associated with purchasing and updating equipment in your office.
  10. Office supplies and furniture. Aside from the large equipment costs, you can also deduct expenses associated with general office supplies like pens, paper and ink. If you’ve purchased office furniture for business purposes you can also deduct that expense in the year of purchase.

These are just a few of the deductions available to many small business owners. These deductions can be difficult to navigate, but can be a huge boost to your business come tax season. For more information about the discounts your small business is eligible for, contact us.



Submit a Comment

Your email address will not be published. Required fields are marked *