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Tax season is upon us, and when you're part of a small business, you may feel like all odds are against you, especially during this time of year. It's understandable: You’ve got complicated forms to fill out, missing receipts to track down and checks to write. Yet, we often overlook a handful of opportunities for small businesses to cut down tax bills — it’s all about paying attention to IRS rules, remaining patient and being precise.
In simple terms, claiming deductions will save you money by reducing your overall taxable income, and ultimately you'll be paying the government less. You may be sure of your business costs, but not well versed on which deductions are fair game. Whether the majority of your startup costs are related to your office supplies, team, business operation or travel, look no further than this infographic for some key deductions. Use them to get your maximum refund this year, and establish good expense-tracking habits now so your 2014 tax return will be a breeze.
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