Another good way to reduce the taxes on your small business is by putting money aside for your future healthcare needs. Medical costs continue to increase, and while you may be healthy now, having some extra money on hand for medical bills could be a lifesaver. You can accomplish ...
Learn about small business insurance requirements, costs and coverages including: Commercial General Liability, Commercial Property Insurance, Workers Compensation, Business Owner's Policy (BOP), Errors & Omissions (professional liability), Commercial Auto Insurance and more....
It can be painful to see a big chunk of your company’s profits being eaten up by taxes. Although most small business owners realize that income tax is a necessary evil, they would love to findsmall business tax deductionsand other ways to cut down their tax bill. Fortunately, this is p...
When shopping for small business insurance, look for an insurer with a solid financial record. Also, compare quotes from multiple companies to find the right amount of coverage at the best price. Costs will depend on the type, location, and size of your business, as well as the level of...
Cyber liability insurance Costs to recover from cyber attacks like data breaches that compromise customer information and privacy. Any business that handles sensitive customer or employee data. Commercial auto insurance Liability, medical payments, uninsured motorist coverage and physical damage to company...
Insurance Business liability insurance, yes. Auto insurance, yes if the company owns the car. Health insurance, yes and added to W2 Box 1. Dental insurance, yes and added to W2 Box 1. Eye insurance, yes and added to W2 Box 1. Long Term Care insurance, yes, but limited. Disability ins...
over a year. As of May 2021,34% of small businesses in the U.S. remained closed. Even as the economy picks up and GDP growth surges back, overall confidence in the small business sectorremains low, with inflation, increased labor costs, and potential new taxes posing challenges to ...
4. Business Insurance You can deduct the cost of your business insurance on your tax return. If you have a home office or use a portion of your home to run your business, you can deduct your renter’s insurance costs as part of your home office write-offs. ...
The federal law and the Vermont state law allow you to deduct as a business cost all of your health insurance premiums as an employer. The employee is not taxed on these premiums. Healthsharing plans have lower costs overall. The employee can also deduct their monthly costs. Employees are ta...
7 ways to lower your tax bill as a small business owner 1. Pay for health insurance 2. Save for retirement 3. Claim the qualified business income deduction 4. Using your car for business purposes 5. Depreciation expense 6. Home office deduction 7. Financing costs for the business Employ ta...