{"id":4115,"date":"2019-01-22T12:53:30","date_gmt":"2019-01-22T10:53:30","guid":{"rendered":"https:\/\/www.lending-express.com\/blog\/?p=4115"},"modified":"2020-03-04T10:38:51","modified_gmt":"2020-03-04T08:38:51","slug":"tax-hacks-small-business","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/tax-hacks-small-business\/","title":{"rendered":"5 Simple Tax-Saving Hacks That Small Business Owners Often Miss"},"content":{"rendered":"\n

Everyone\u2019s on the lookout for tax hacks, and trying to find out how to reduce tax in company is the talk of the town- especially as that dreaded season begins to appear around the corner. The deadline to file your taxes is April 15, 2020, so the clock is ticking…<\/span><\/p>\n\n

Don\u2019t sweat it, we\u2019ve done the research to provide you with some awesome small business tax tips!<\/span><\/p>\n\n

Here, we\u2019ll dive into some of the lesser-known tax pointers that will help you make your small business tax deductions. They\u2019re at your disposal, so don\u2019t waste this opportunity to save some big bucks! Keep reading to find out more…<\/span><\/p>\n\n

Keep your records organized<\/span><\/h2>\n\n

Let\u2019s start off with the simple stuff. <\/span><\/p>\n\n

We all know how stressful tax season can be, but a huge part of that stress is just a result of not having the records you need to file your taxes correctly. <\/span>
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<\/span>So as the year goes on, be sure to not only keep invoices, receipts, bills, and all other records of transactions but make sure to also organize them in a way that makes sense to you. <\/span>
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<\/span>That way, when the time for filing your taxes comes around, you\u2019ll have all your ducks in a row and be able to avoid that feeling of impending doom! Preparation can make a world of difference.<\/span><\/p>\n

Hire independent contractors<\/span><\/h2>\n\n

While there are some pluses to having permanent employees at your business, hiring <\/span>independent contractors<\/span><\/a> actually allows you to avoid certain expenses that you otherwise would have to provide under a contract of full employment. <\/span><\/p>\n\n

According to government regulations, business owners are required to provide a minimum wage\/salary, overtime pay, and also abide by a wide array of laws and rules that relate to payroll taxes, social security, and worker\u2019s compensation (just to name a few).<\/span><\/p>\n\n

By hiring independent contractors, business owners can avoid all of those extra rules and requirements. And since many independent contractors have their own tools and set their own work hours, the cost of completing any given project can be cut down enormously! <\/span><\/p>\n\n

This is a great way to cut back on both expensive equipment purchases <\/span>and <\/span><\/i>paying employees for those days you might feel that their work isn\u2019t needed!<\/span><\/p>\n\n

LLC tax write-offs: register your business as an LLC<\/span><\/h2>\n\n

As a business owner, this may come as a shock, but you\u2019ve got a lot to gain by getting your business legally recognized as a limited liability company (LLC). <\/span><\/p>\n\n

So what is an LLC? Simply put, an <\/span>LLC <\/span><\/a>is a legal form of a company that provides limited liability to the owner(s). Instead of registering the business as a partnership or as a sole-proprietorship, registering your company as an LLC gives the owner(s) some of the benefits offered to big corporations while keeping the benefits offered to individual owners. <\/span><\/p>\n\n

On the one hand, there\u2019s the legal protection of the owner(s) as a result of the limited liability they hold in an LLC. On the other hand, the taxes that are paid by the owner(s) can remain at the same level as all other small businesses. <\/span><\/p>\n\n

More specifically, some of the tax breaks offered to LLC\u2019s include:<\/b><\/p>\n\n