As a firmly supported topic in politics around the word, small businesses are making their way back into the spotlight. World leaders have recognized the importance of small businesses in the economy and now, more than ever, is the best time to start your own. In the United States, the current presidential election has revolved heavily around the promise of small business prosperity. With this promise comes an increased interest among the masses in starting small businesses of their own; but do they have the best information to get the most out of their idea?
Luckily for us, there is now plenty of information that is readily available to help out newcomers and seasoned professionals alike. Invoice2go, a mobile invoicing application, has been a resource in the small business community for years and has just released a great infographic detailing tax deductions for small business owners. Those who are just starting out in the small business world may not realize how much tax season weighs on a business owner’s mind—it always seems to be right around the corner.
Did you know that new business owners can deduct up to $5,000 in their first year? That’s money that you can put directly back into YOUR business! If you are working from home, you may be eligible for a home office deduction. Hiring employees? Consider going with a freelancer—the IRS will only charge 1/10th of the taxes for one year. If you travel often for your business, you may be able to write off an entire trip.
Without leveraging these useful tax tips, you may be missing out on the valuable capital that can help take your business to the next level. For these tips and more tips like them, check out Invoice2go’s infographic below.