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10 Tax Deductions That Save Small Business Owners Money
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MISSOULA, Mont. — It’s tax time! Whether that phrase elicits fear, anxiety or the hope of a return, it’s time to get started on your taxes. The Better Business Bureau says the earlier you file your taxes, the less chance you have of someone steali
- Mar 3, 2020
Running a business can be time-consuming and stressful. Keeping up with all the ins and outs of tax planning is often ignored. Here are 10 tax breaks for the self-employed small business owner. Take a look and see if you are missing out on some valuable tax deductions.
1. Self-employment tax
You are likely aware that you are paying into Social Security and Medicare each year. Together, these payroll taxes are referred to as FICA (Federal Insurance Contributions Act). What you may not be aware of is that there is an additional tax on self-employment income called SECA (Self-Employment Contributions Act).
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Category: General Business
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