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Top 5 Small Biz Tax Tips for 2017

By Christopher Coble, Esq. on February 23, 2017 2:57 PM

Time is running out to get your tax filing in, but there's good news for all you procrastinators: We've rounded up all our best tax advice for small businesses to help make sure that filing is correct, and help you find any deductions or benefits you might've overlooked.

And if you've already filed and are already looking ahead to tax time next year, these articles can help prepare your startup or small biz for 2018's filing.

1. Tax Planning for Your Small Business

If the only time you think about your small businesses taxes is every April, you're doing it wrong. Being more proactive than reactive in your tax planning can help lower your business's tax rate, reduce the amount of taxable income, and take advantage of small business tax credits.

2. Legal Loopholes: 5 Tax Tips for Small Businesses

Of course you're always looking for deductions everywhere you can, so you are probably already taking all the travel deductions possible. But did you know deductions can come in the form of a medical reimbursement plan? Or state laws?

3. IRS Small Business Tax Reviews Are Up

As you're hunting for deductions and loopholes, make sure to keep those loopholes legal. The IRS increased examinations of business tax returns over the past few years, so make sure your tax filing can survive some more intense IRS scrutiny.

4. Don't Overlook These Small Biz Tax Deductions

Sure you expensed the flight to that business meeting, and maybe the hotel room. But did you remember the travel to and from the airport? What about all the calls, faxes, and communications planning the trip? Or the meeting materials you created? Oh, and you might want to take a closer look at your home office and any debt your small business has as well.

5. New Small Business Tax Laws for 2017

As you look ahead to next year's tax filing, make sure you're taking advantage of changes in the tax code this year. And talk to an experienced tax attorney to make sure you're keeping it all legal.

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