3 Special Tax Considerations Every Small Business Owner Should Know About
When you run a small business, keeping up with your tax obligations can seem like a nearly impossible task. Along with those obligations, there are also several special considerations you should know about. If you qualify, they may be able to help lower your tax burden.
1. Your Home Office Space May Be a Deductible Expense
If your business is run out of a home office, or you have space in your home that is reserved solely for business use, you may be able to deduct the expenses associated with that space. You will need to know the square footage of the rooms used for the business, the total square footage of your home, property tax figures, and the cost of utilities. Seeking advice from a qualified member of the United CPA Association can help you determine if this deduction applies to your situation.