Tax Deduction Season - Don’t Miss Available Small Business Deductions

Small business owners recognize that take home cash is critical for long-term success. And one of the surest ways to take home as much cash as possible is to maximize tax deductions at IRS filing time.

Deductions abound, but the options vary depending on the type of business. For example, a home-based operation qualifies for certain deductions that are not available for an individual overall.

Everyone is aware of the basic deductibles such as office supplies and legal fees. However, many are unaware that educational expenses, business entertainment and even certain travel costs are deductible as well.

In addition, when an at-home operation is involved, you can deduct that portion of your home related to the business operations by calculating a square foot percentage devoted to the business space then appropriating proportioned costs for everything from heat and lights to taxes.

If you have not documented expenses for this past year, then you should begin to position things now so that you will be able to keep more of your money next year.

For more on potential tax deductions, go to:

http://www.baltimoresun.com/business/bal-bz.ym.marksjarvis18feb18,0,4269316.story?coll=bal-business-headlines

Purchasing or Expanding Your Business – Consider the SBA, CDC/504 Loan

Perhaps you already own a small business but a larger facility has become available that would enable substantial growth. Or maybe your operation expandable because it fits nicely with another entity that recently hit the sales market.

In either case, though you may be interested cash flow could be an issue with such a purchase consideration. If such is the case for you but you see the new venture as a necessary business step, you may want to consider the Small Business Association, CDC/504 Loan option.

The CDC/504 Loan program is for "bricks and mortar" type financing. The loan provides long-term, fixed-rate financing for major fixed assets such as land, buildings or equipment.

The SBA option demands certain down payment equity options from the owner. It also works to create financing from two other sources in addition to the equity contribution made by the small business owner.

For more on the 504 Program, including its borrowing limitations, see:

http://www.chron.com/disp/story.mpl/business/4561199.html