a Tax Deductions Every Small Business Owner Should Know by John Gavin | Jun 22, 2022 | John Gavin, laguna beach, professional overview
There’s arguably nothing that excites small business owners like hearing the word smallbusiness tax deductions. Small business tax deductions help businesses save a lot of money regarding taxation. But the problem is that most business owners are unaware of the existing small business tax deductions or don’t just keep detailed records of their expenditures. Here are small-business tax deductions every small business owner should know:
Inventory Certain businesses buy or manufacture products for resale. If this is the case, one can deduct the cost of their inventory or the total cost of goods sold. A business owner will be required to take stock of their merchandise at the start and end of every tax year to determine the price of products sold.
Insurance Most businesses usually purchase some kind of business insurance. The cost of business continuation insurance, business owner’s policy, and business owner’s health insurance are all one hundred percent deductible. Other deductible insurance policies include liability coverage, property insurance, worker’s compensation costs, auto