Tax season is around the corner and whether you’re filing as an LLC or S Corp, you want to get the most savings possible. To figure out the best ways to save in 2015, we asked accountants and finance experts for their best small business tax tips. Here’s what we found:
Tip #1: Get the most out of your auto/gas deduction
The government lets you deduct business-related car expenses, which you can calculate using two different methods. Try both of them and see which one gives you a larger deduction:Standard Method: in 2015 it is 57.5 cents per business mile plus tolls and parking (up from 56 cents per mile in 2014)Actual Method: add up all actual automobile expenses – including gas, repairs, oil change, car insurance, car washes, etc. – and then multiply it by your business percentage (business miles/total miles for the year).Note: Your commute from home to work is not deductible. But once you get to your office, traveling to a client counts as deductible business miles. Traveling back from the client to your office is deductible, but then from your office to home is “commuting” and is not deductible. - See more at: http://fitsmallbusiness.com/top-10-small-business-tax-tips-2015/#sthash.xPE2OLem.dpuf
