Explore the top 8 tax deductions every small business owner in Texas should know, with insights from Vo & Ouk CPAs. Learn how to save on expenses to help maximize your tax savings, all while boosting your small business success in Texas. Contact us today to start your journey toward financial success!
We are Vo & Ouk CPAs and we're excited to give you some insider tips on tax deductions that your small business in Texas can start implementing today!
Whether you're just beginning your business adventure or are already well-established in your trade, managing your finances is crucial for success.
We are here to tell you that the secret to achieving business success is understanding tax deductions and how they can save you money to help your business grow and scale!
That's where we, Vo & Ouk CPAs can become a game-changer for your small business in Houston.
Here are the top 8 tax deductions every small business needs to know.
As CPAs in Houston who are passionate about helping businesses just like yours find success, we are here to tell you that business expense deductions are the #1 way you can start saving right now.
Did you know that you can deduct everyday expenses like:
All of these business expenses when used as deductions can add up to big savings.
Coming in second on our list of deductions you should know about is vehicle expenses.
Do you ever use your vehicle for business purposes?
Well, we are here to tel you that you can save big on the following:
Coming in at number 3 is one that you may not be aware of as a new business owner near Katy, TX and we’d like to tell you about it.
Did you know that your tax accountant can help you deduct up to $5,000 of your startup costs in the first year of your business?
That is a big benefit and might just give start-up companies the boost they need to get off the ground.
At Vo & Ouk, we love helping new entrepreneurs understand how tax deductions can work in their favor.
If you are running a small business in Texas, you might be thinking of offering your employees health insurance.
This can be a significant financial undertaking.
Did you know that health insurance premiums can be used as a tax deduction?
If you provide health insurance for your employees in Texas, you may qualify for deductions on premiums paid.
Vo & Ouk would be happy to assist you in discovering if your business qualifies for these tax savings.
You might not realize it but by making simple improvements to your work environment in Texas, you can earn tax credits that can help boost your bottom line.
These improvements can be as simple as updating the lighting in your office to getting a better working HVAC system.
But the bottom line is that by making energy-efficient upgrades to your business today, you can earn you tax credits.
You may not have heard about this next deduction.
Coming in at #6 is the qualified business income deduction.
This is a newer deduction that allows certain small business owners to deduct up to 20% of their qualified business income.
A certified public accountant can help you see if this is something your small business can take advantage of.
Have you ever donated to a charity simply because you wanted to help?
Did you know that by making contributions to a qualified charity you can help your business save in tax?
If your small business donates to a qualified charitable organizations, those contributions can be deductible.
At Vo & Ouk CPAs, we can help you discover if your services
Rounding out our list of the top 8 tax deductions you can use for your small business is retirement contributions.
By contributing to a retirement plan you can help enhance your business to grow and scale and help plan for the future at the same time.
Contributions to retirement plans, like a Simplified Employee Pension (SEP) or a Solo 401(k), can be deductible.
To maximize your savings and ensure you're following all the tax laws correctly, teaming up with a tax accountant in Houston is your smartest move.
As CPA tax accountants in Houston, we here at Vo & Ouk CPAs specialize in understanding tax codes and regulations.
We can guide you through the maze of deductions, making sure you're claiming every penny you're entitled to.
So, what's the takeaway?
We understand that running a small business in Texas can be difficult.
But we also know that it comes with unique financial opportunities, especially when you become aware of important tax deductions.
Partnering with a tax accountant like us can make all the difference.
We’ll help you navigate the complexities of tax laws, ensure compliance, and optimize your tax strategy to achieve your business goals.
Ready to boost your small business success in Texas with a Certified Public Accountant?
Vo & Ouk CPAs is here to help.
Contact us today!
We’d love to help you get started on your path to financial success!
