Business owners can strategically lower their tax bill by maximising deductions, depreciating assets and contributing to retirement plans, here are some things to know.
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This can include office supplies, travel costs, and even a portion of your home office expenses.
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The cost of business assets like machinery and equipment can be deducted over time through depreciation.
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Business owners can contribute to retirement plans significantly reducing their taxable income.
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Hiring family members and paying them a fair salary can be a tax-saving strategy.
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Many tax breaks exist for businesses that invest in research and development or new equipment.
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Sole proprietorships and partnerships pay taxes on personal income tax returns, to separate business income tax.
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Tax laws are complex and consulting a tax professional can help ensure you take advantage of all available deductions.