Unlock the Top Tax Breaks for Small Business Owners
The Big Three: QBI, Section 179, and Bonus Depreciation
QBI can allow many pass-through owners to deduct up to twenty percent of qualified profit, subject to income thresholds and business type limits. A baker friend reduced taxable income dramatically by combining QBI with payroll planning. Share your QBI questions in the comments today.
Everyday Deductions Owners Overlook
Used regularly and exclusively for business? You may qualify for the home office deduction, using either the simplified method or actual expenses. A florist we met claimed it for her design space and funded marketing with the savings. Ask for our step-by-step setup guide and start documenting today.
Everyday Deductions Owners Overlook
Track business miles precisely or support actual vehicle expenses with receipts, insurance, and fuel logs. A real estate agent switched to a mileage-tracking app and recaptured hundreds per month. What method works for you—standard mileage or actual costs? Share your experience to help others choose wisely.
Build Wealth While Saving Taxes: Retirement Plans for Owners
If you have no employees besides a spouse, a Solo 401(k) can allow both employee deferrals and employer contributions, often creating larger deductions. One photographer used it to smooth income between seasonal peaks. Subscribe for our contribution strategy template before year-end deadlines sneak up.
A SEP IRA shines for businesses with fluctuating profits and minimal paperwork. Contributions are employer-only and flexible based on profitability. A landscaping duo used a SEP in high-revenue years, then paused gracefully when drought tightened budgets. Comment if you want a comparison chart delivered to your inbox.
For teams wanting straightforward setup and predictable contributions, SIMPLE IRAs can reward staff while securing tax deductions. A café owner grew retention by offering a plan early, not later. Ask about the trade-offs versus a 401(k), and we’ll share examples that reflect your headcount and margins.
Credits That Put Money Back in Your Pocket
R&D Credit: Not Just for Labs
Improving products, software, or processes may qualify, even for small shops iterating on code, recipes, or manufacturing steps. A boutique software firm documented sprints and captured surprising savings. What experiment did you run this quarter? Share it and we’ll send a documentation starter pack to subscribers.
Work Opportunity Tax Credit Rewards Inclusive Hiring
Hiring individuals from targeted groups can generate credits when documentation is filed on time. A local market coordinated with their workforce agency, gained great teammates, and earned meaningful credits. Considering WOTC? Comment with your hiring timeline so we can outline the steps before deadlines pass.
Small Business Health Care Tax Credit
Some small employers offering coverage through eligible programs may qualify for a valuable health care credit. A design studio leveraged it while growing from three to seven employees. Want a plain-English eligibility checklist? Ask below, then subscribe for our curated guide with action dates.
Health and Family Tax Breaks You Should Know
Self-Employed Health Insurance Deduction
Owners who qualify may deduct health, dental, and vision premiums, reducing adjusted gross income. A solo consultant used this alongside QBI planning for smooth year-end results. Have questions about eligibility and limits? Post them below, and we’ll follow up with practical examples tailored to different business types.
Health Savings Accounts: Triple Tax Advantage
With a qualifying high-deductible health plan, HSA contributions can be deductible, grow tax-deferred, and withdraw tax-free for medical costs. A contractor called theirs a “future medical fund.” Want contribution reminders and receipt tips? Subscribe and get our HSA organizer for stress-free reimbursements.
Qualified Long-Term Care Premiums and Planning
Within age-based limits, part of long-term care premiums may be deductible, offering protection and a tax edge. A shop owner started early to lock in coverage while rates were favorable. Curious how this integrates with retirement plans? Ask in the comments for our layered planning worksheet.
Start-Up and Growth Moves You’ll Be Glad You Claimed
New businesses can often deduct a portion of start-up and organizational costs up front and amortize the rest. A food truck tracked licenses, testing, and training expenses from day zero. Want our pre-launch expense tracker? Subscribe and we’ll send a spreadsheet designed for first-time founders.
