Deductions Archives | Page 3 of 4 | Phillips Business Group
Deductions
Bonus Depreciation: Big Changes Coming

Bonus Depreciation: Big Changes Coming

All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will end: 100 percent bonus depreciation. If you're like most small business owners, you want to maximize your tax deductions prior to the end of the year....

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5 Common Tax Planning Mistakes

5 Common Tax Planning Mistakes

Are you certain you're not making tax planning mistakes in your business? As an entrepreneur, you often have to wear many hats and juggle many balls. You must manage your team, focus on your product or service, and find new ways to grow your business. It's no wonder...

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Employer Tax Deductions: Common and Uncommon

Employer Tax Deductions: Common and Uncommon

As a business owner, you are responsible for paying taxes on your profits. That said, you can deduct certain expenses from your taxable income, which will reduce the amount you have to pay.  This blog post discusses some of the most common and uncommon business...

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Boost Business Savings with Tax Planning

Boost Business Savings with Tax Planning

Effective tax planning strategies help your business save more money that can be reinvested for business growth and expansion. A key part of managing your business's finances is adopting tax savings initiatives. The following tax planning strategies can help your...

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