Tax Saving Tips for Small Businesses

If you own a small business, you know the importance of managing your finances. Being able to save on taxes gives you extra funds to invest in your company. The following tax saving tips will help in increasing your budget.

New equipment tax breaks: Your investment into new equipment, software, furniture or technology for your business can be deducted from your taxes. Be sure to save receipts and maintain good records of all your purchases for when you file your taxes. The 2013 limit for purchased assets was $500,000.

Charitable donations: Any donations your company made in the form of money, goods, property or time can be deducted as expenses from your taxes.

Work opportunity tax credit: If you hired veterans or disabled persons as part of your workforce, you may be eligible for tax credits of up to 40% for the first $6,000 paid to each employee in these categories.

Educational tax break: Educational classes, seminars or conventions that help you hone abilities and skills essential to your business may be deducted from your taxes.

For more tax saving tips or for information on business insurance coverage options in Wisconsin, contact Sagen & Associates located in Brodhead, WI.