charity tax write offs for small business owners

Charitable Donations: As with personal tax write-offs, small businesses can deduct charitable contributions of more than $250 to 501(c) nonprofit organizations.That includes everything from business cards to radio spots to local sport team sponsorship.

Write-offs include promotional costs and advertising costs. Marketing Costs: You can write off marketing costs as long as they’re immediately related to your small business.Retirement plans, pensions, and other employee benefits are also deductible. Employees’ Pay and Benefits: Don’t forget that the pay you give to your employees is tax-deductible, according to the IRS.Here are some common small business tax write-offs that owners often forget about:

Because owners are often rushed through the accounting process, appropriate deductions are sometimes missed. Tax write-offs offer a way to save money, but many people are overwhelmed with the rules and legal language surrounding them. Tax season is a stressful time for any owner of a small business.

Charity tax write offs for small business owners