It’s that time of year again: tax time. You’ll be filing your small business taxes before you know it. Now is the time to gather documents and schedule time with your accountant. It’s always wise to establish a tax strategy to ensure that you make smart filing decisions.
Are you familiar with these business tax deductions? Even if only one or two are relevant to your personal situation, deductions can help lower your tax bill. A home office deduction is available to business owners utilizing an office in their homes as well as for self-employed freelancers and independent contractors. If you are a start-up, don’t forget to claim the $5,000 deduction for new business launch expenses. Repairs and maintenance for your existing bricks-and-mortar business location are tax deductible.
All of your employees’ wages are considered fully deductible, including bonuses and commissions. Business cards, logos, online advertising, and other marketing and advertising expenses are deductible. Charitable contributions can be deductible, and bad debt write-offs should be carefully considered. Business vehicle and business entertainment expenses are additional deductions you may be eligible to take. Always check with your accounting professional to ensure your deductions meet IRS requirements.
This year, it’s important to become familiar with new tax laws related to peer-to-peer payment systems, like Venmo. Usage of these P2P platforms has grown substantially. Most businesses use at least some form of digital payment, like CashApp, PayPal, or Zelle. It’s imperative to get up to speed on their tax implications.
More than five hundred organizations recognize the value of Chamber membership. Please welcome our newest Chamber member, Hutton! With several Kansas locations, Hutton is both architect and builder, a single trusted partner to work with from start to finish. Contact Hutton at 316-942-8855 or visit huttonbuilds.com.
Looking ahead, there are several Chamber events coming up in the near future, including a Ribbon Cutting for Superior Roofing, at 722 W. 6th Ave., 11:30 a.m. on Tuesday, Feb. 1. Group Lunch is Wednesday, Feb. 2 at noon (register in advance at emporiakschamber.org). On Thursday, Feb. 3, join us for Coffee & Conversation with Carla Barnett, incoming Chamber Board Chair, here at the Trusler Business Center, 719 Commercial St., at 9:00 a.m. The first Legislative Dialogue of the year is scheduled for Saturday, Feb. 12, at 8:30 a.m. The event will take place at Flint Hills Technical College, 3301 W. 18th Ave., and features Sen. Jeff Longbine and Rep. Mark Schreiber. You can keep abreast of all Chamber events at emporiakschamber.org. We hope you’ll join us for one or more of them.
It’s a great day in Emporia!
“Let’s Talk Business” is a weekly column of the Emporia Area Chamber of Commerce and Visit Emporia. The mission of the Chamber is to be proactive in creating an environment for business and community success, guided by the vision that positive attitudes promote positive actions. Contact us at 620-342-1600 or firstname.lastname@example.org and visit our website at www.emporiakschamber.org.