If you own a small business, there are many tax deductions you can take that you might be missing. Check out these three tax saving tips to see if you can save more on your taxes.
If you have to travel for your small business, you can deduct 100 percent of the cost of your hotel room and cost of travel, such as airfare. Other expenses associated with travel are also covered, such as car rental fees and even tipping the hotel staff. Even your meals are deductible at 50 percent.
If your business involves driving, you can even deduct some of those costs. Gas, tools, parking costs, repairs and insurance are all covered at a certain percentage based on how often you drive for business and how often your drive for personal use.
Just about everything you buy for your office is deductible at 100 percent. This includes small items like pens and paper, but it also includes larger items, such as copiers, computers and furniture.
With all these tips, make sure to document and keep all your receipts, so you can prove what you spent the money on. For more information about small business tips and insurance information in California, contact Massive Insurance, located in Pasadena.