Tax strategies every entrepreneur should know

Section 2 : Track every deductible expense

One of the easiest ways to reduce your taxable income is to claim all legitimate business expenses. Yet, many entrepreneurs fail to track them properly. Rent, utilities, office supplies, travel costs, marketing expenses and even training courses can often be deducted, lowering the amount of profit you’re taxed on.

The key is keeping accurate records. Using accounting software or even a simple spreadsheet can make a big difference. Don’t wait until tax period to scramble for receipts. Make tracking expenses a habit. If the expense is necessary for your business, it may be tax-deductible.