Do you need tax deductions? Do you own your own business?

If you answered ‘YES’, a Solo 401(k) could be a great way for you to save thousands on your taxes while adding thousands to your retirement account. But the 2018 Deadline is approaching and you don’t want to miss it.

There are a lot important rules and deadlines that impact your retirement planning that you need to be aware of, especially if you are considering a Solo 401(k). Alex Perny will help you understand if you qualify for a Solo 401(k) and what monies can be contributed to the plan. He will also review contribution limits and critical deadlines related to these powerful accounts.

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Tax Deductions for Business Owners

As a business owner, you know that maximizing your deductions is essential for maintaining profitability. The good news is that there are numerous tax deductions available specifically for business owners. By taking advantage of these deductions, you can potentially reduce your taxable income, save money, and invest it back into growing your business. Here are some key tax deductions that every business owner should be aware of:

1. Home Office Deduction: If you use a specific area of your home exclusively for business purposes, you may be eligible for a deduction. This deduction can cover expenses such as rent, mortgage interest, insurance, and utilities. To qualify, you must use the space regularly and exclusively for your business.

2. Business Travel Expenses: If you travel for business purposes, you can deduct expenses such as transportation, accommodation, meals, and even tips. Keep detailed records of your expenses, including receipts and invoices, to substantiate your claim.

3. Vehicle Expenses: If you use your vehicle for business-related activities, you can deduct expenses such as fuel, maintenance, repairs, and even interest on an auto loan. However, you must keep a log of your mileage and track the portion of the mileage that relates to business use.

4. Equipment and Supplies: Any equipment, tools, or supplies you purchase that are necessary for your business can be deducted. This may include computers, software, machinery, office supplies, or even furniture. Keep track of your receipts and invoices to support your deduction.

5. Employee Costs: The costs associated with hiring and retaining employees are generally deductible. This includes salaries, wages, benefits, and even training expenses. Additionally, you may be eligible for certain tax credits for hiring certain types of employees, such as veterans or those from certain disadvantaged groups.

6. Advertising and Marketing Expenses: Any expenses related to advertising and marketing your business, including digital marketing, print ads, website development, and promotional materials, can be deducted. These expenses are considered crucial for the growth and success of your business.

7. Professional Services: Legal, accounting, and consulting fees incurred for your business are generally deductible. These fees are considered necessary expenses for managing and improving your business operations.

8. Insurance Premiums: The premiums you pay for business insurance, including liability insurance, property insurance, or even vehicle insurance, can be deducted. It is crucial to have appropriate insurance coverage for your business, and deducting the premiums can offer some relief at tax time.

9. Education and Training: Expenses related to continuing education, conferences, seminars, or workshops directly related to your business can be deducted. This can be particularly beneficial if you need to upgrade your skills or stay up-to-date with industry developments.

While these deductions can provide significant tax savings, it is important to consult with a qualified tax professional or accountant to ensure you are maximizing your deductions while complying with all applicable tax laws. Additionally, maintaining proper records and documentation is crucial to support your deduction claims in case of an audit or tax review.

Remember, maximizing your deductions not only helps reduce your tax liability, but it also allows you to allocate more resources towards growing and expanding your business. So, take the time to familiarize yourself with the available deductions and take full advantage of them to benefit your business.