The SBDC is funded in part through a cooperative agreement with the U. The UH Texas Gulf Coast SBDC Network is a program of the UH Bauer College of Business and a resource partner of the U. The University of Houston Texas Gulf Coast SBDC Network is a business advising and training center serving 32 counties in Southeast Texas. We have no-cost live and recorded webinars that can help you with your finances and make your workday more efficient. Our business advisors and specialists can help you figure out your questions. The UH SBDC Network is here to help you with your small business needs. We recommend that you consult with a Certified Public Accountant to maximize applicable tax deductions and submit all of your paperwork before the deadline. This is a general outline of possible tax exemptions, deductions, and write-offs. Consult with a specialist to see if you qualify. There other opportunities for tax deductions you can use this tax season, such as charitable contributions. For contractors and types of contracted labor, their fees can be deducted from your expenses. If you have employees working at your business, their salaries, paid time off, and other benefits can become tax deductions for you if they are just employees and not part of the company, such as a partner or LLC member. If your business falls in the small business, sole proprietor, or a limited liability company, here are of items that are considered tax deductions. If your business does not fall into one of the business categories, don’t worry! There are tax deductions and tax write-offs that you can claim to reduce your taxable income. Thus, the tax exemption will reduce the amount you will have to pay in taxes.Īccording to the Internal Revenue Service, to qualify for a tax exemption, your business must fall in one of these business categories:Īnd your business registered under Code Section 501(c)(3), Section 509(a), and Section 527 of the tax code. We have put together a comprehensive guide on how to maximize small business tax exemptions and deductions to help reduce tax payments.Ī tax exemption is a type of deduction that allows a reduction of the amount of taxable income. To make the most out of this tax season, take advantage of the applicable tax exemptions and deductions you can receive as a small business. Tax season is here! The deadline for individuals to submit their taxes was extended from April 15 to May 17, 2021. A Guide to Maximize Small Business Tax Exemptions and Deductions
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