As a hotly debated topic in politics around the word, small businesses are coming back into the spotlight. World leaders have taken notice of the importance of small businesses in the economy and now is one of the best times in history to start your own. In the United States, the politics of the current presidential election has focused heavily around the goal of small business prosperity. With this promise comes a heightened interest among the masses in starting small businesses of their own; but are they equipped with the best information to get the most out of their plan?
Fortunately for us, there is plenty of great information that is easily available to help out professionals and newcomers alike. Invoice2go has been a resource in the small business community for years, creating helpful tools such as free invoice templates, and now has just released a helpful infographic examining tax deductions for small business owners. Those who are brand new to the small business world may not realize how much tax season weighs on a business owner’s mind—it always seems to be just up ahead.
Did you know that, in your first year as a new business owner, you can deduct up to $5,000? If you decide to work from home, you may be eligible for a home office deduction. Hiring employees? You might want to go with a with a freelancer—you will only be charged 1/10th of the taxes for one year. If you travel often for your business, you may be able to write off an entire trip. That’s all money that you can put directly back into YOUR business!
Without using these useful tax tips, you may be missing out on the extra capital that can help you build your business bigger and better. For these tips and more tips like them, check out Invoice2go’s infographic below.