Running a small business in Indiana comes with various tax responsibilities, but also opportunities for deductions that can lower your taxable income. At OnTarget CPA, we specialize in helping entrepreneurs identify and claim these deductions effectively.
Home Office Deduction
If you use a portion of your home exclusively for business, you may qualify for a home office deduction. This includes expenses like mortgage interest, utilities, and repairs proportional to the office space.
Vehicle Expenses
Business use of a personal vehicle can be deducted using either the standard mileage rate or actual expenses method. Keeping detailed logs of business miles driven is essential for substantiating this deduction.
Travel and Meals
Expenses incurred during business travel, including lodging and meals, are deductible. Ensure you retain receipts and document the business purpose of each trip.
Supplies and Equipment
Purchases of necessary supplies and equipment for your business are deductible. Additionally, Section 179 allows for the immediate expensing of certain assets, providing immediate tax relief.
Professional Services
Fees paid to accountants, consultants, and other professionals for business services are fully deductible. These services not only aid in compliance but also contribute to your business’s growth.
Employee Benefits
Providing benefits like health insurance or retirement plans can be advantageous for both your employees and your tax situation. Many of these contributions are deductible, reducing your overall tax burden.
Take the Next Step with OnTarget CPA
Maximize your deductions and keep more of your hard-earned income. Contact OnTarget CPA today to schedule a consultation and ensure your small business is taking full advantage of available tax benefits.
