Though much has been written (and attempted to be explained) about the soon-to-be-implemented tax plan, corporations and institutions of all sizes as well as self-employed individuals are often still unsure about all of their options. There are many factors that affect large and small businesses — the market fluctuates, demand shifts, and technology raises the bar on products and services, but the arrival of tax season will never change. Many businesses likely lose money every year, sometimes in significant amounts, simply because of incorrect or inefficient tax planning and execution.  Business owners know that every penny counts. And when it comes to tax planning and filing, it’s helpful to be aware of any and all tax saving tips and tricks. Read on to learn about what businesses may be overlooking when it comes to the tax process, and how a few simple hacks can make a real difference to the bottom line.

using calculator to crunch numbers on desk full of paper

Tax-Saving Hacks

It’s important for businesses to know where to save money on taxes so they can avoid overpaying and reinvest the savings in their operations. By taking the time to investigate tax-saving tips — whether they relate to deductions, software, or smart investments — businesses can take much of the stress out of the dreaded tax season.

Tax-Saving Hacks: This article explores what small businesses can do to save on taxes.

Savings on Taxes by Type: This piece focuses on the varied types of taxes and offers insight into how to save.

Commonly Overlooked Tax Breaks: There are a lot of available tax breaks for businesses that they may not be aware of. This piece can help businesses save even more.

List of Best Tax Filing Resources:  These resources can help businesses manage the tax process and navigate it accurately.

Tax Saving Tips for Small Businesses

Tax season, for businesses of all sizes, requires critical evaluation of financial details. But for small businesses, it’s particularly important to pay attention to potential tax savings. Read on for key resources to save every penny in a small business environment.

Tips for Choosing Small-Business Accounting Software: As there are a range of companies that offer accounting software, these tips can help narrow down the right software for specific businesses.

Comprehensive List of Small-Business Deductions: This piece explores deductions, specifically for small businesses to save time and money.

7 Easy Tax-Saving Tips for Small BusinessesThis article outlines a key point for small business owners: “it’s not what you make, it’s what you keep.”

financial charts on computer screen

Accounting Software for Businesses

Establishing seamless, accurate accounting practices early can be the key to tax savings. Even basic accounting can become overwhelming for businesses, but employing accounting software can eliminate the possibility of human error and facilitate bookkeeping.

Advantages: This piece examines how accounting software can address common accounting problems.

Accounting Hacks: This is a list of key hacks that help make the accounting process more efficient.

Time-Saving Hacks: This blog offers 3 major hacks to save accountant’s time.

Understanding the Many Types of Deductions

While all business owners are mindful of tax deductions, small-business owners, in particular, are hyper aware of how business expenses relate to tax deductions. Half the battle is knowing the tax deductions and credits that are available to businesses, and the business owners who are well-versed in the many types of deductions are typically the ones who enjoy more tax savings.

Possible Deductions for Businesses: While some deductions are overlooked, many businesses don’t typically consider certain things deductions. This piece describes how businesses may be wrong.

The Mortgage Interest DeductionThis article explains the mortgage interest deduction for Americans and provides how it can impact them in three different scenarios.

“Outlandish” Tax Deductions: This piece touches on tax deductions that most people may have yet to learn about, but may be applicable.

Tax Breaks for Going Green

Federal support for environmental causes changes with different administrations, and related tax deductions (or a lack thereof) follow. Yet, just because some prior incentives for environmentally-friendly investments are no longer available, many incentives still exist — if you know where to find them. Read on to learn more about the little-known tips.

Top “Green” Tax BreaksThis offers tips to help green-conscious people find appropriate tax breaks.

Eco-Friendly Tax Savings: This article lists ways to not only improve the your local and global environment, but save on taxes at the same time.

7 Key Going Green Tax Breaks: This article honors Earth Day by presenting a list of green tax breaks, from charitable donations to property credits.

Tax Saving Tips for Freelancers

While self-employment offers many benefits and an often welcome break from the conventions of working in a corporate environment, dealing with the taxes involved is generally not something to be excited about. Tax planning for freelancers requires some education, and these resources will shed some light on where to start.

7 Tax Tips for First-Time Freelancers: This article approaches tax filing for freelancers from a basic, first-time perspective.

Home Office Deductions: This post asks the question, “Do you qualify for a home office deduction?”

Best Tax Tips for All Types of Freelancers: Whether contracting is a side job or the primary source of income, these tips cover it.

While most business owners or corporate accountants look forward to tax season, there are ways to ease the process and increase your knowledge level enough to actually save money. Whether you run a small business or a large corporation, every penny counts.