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Tax Tips for Small Business and Freelancers: What You Need to Know

Updated: Mar 15, 2022

Are you a small business or freelancer getting ready to file and submit your taxes? Read on for some top tax tips and details on tax credits you should know. Whether you have a small business tax accountant or not, keep these things in mind as you plan for taxes in the coming years as well.

How can a small business reduce taxable income?

There are multiple tax deductions that small businesses and freelancers may qualify for and claim. Depending on how your business is setup, they will essentially reduce your taxable income. These deductions are helping cover your expenses made in the tax year. Tax Tip: Check in throughout the year! Keep track of things that you may be able to deduct.

How do I get the most tax refund for my small business?

It's not always about the largest tax refund, but about claiming the right deductions for your type of business. Tax Tip: Save receipts and keep organized! This will help you when it's time to do your taxes.

What can I write off or deduct as a business owner?

As a small business owner or freelancer, there are several deductions you can look into. These deductions, also known as write offs, are to help cover your expenses made throughout the year. They include:

  • Home office improvements or upgrades

  • Business expenses like supplies, equipment, internet, or even your cell phone bill

  • Mileage (if you use your vehicle for business)

  • Business credit card or business loan interest

  • and more!

Do you need some help with your taxes? I'm a small business tax consultant, and happy to help.

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