08/08/2023
You’d be surprised at how many business owners don’t take advantage of these deductions.
We at Dr. Matt Hubbard DC, True Chiropractic, Kearny Mesa/San Diego like to assume that you DON’T want to give Uncle Sam an extra donation on top of what is required…
So here’s a list of the Top 5 Tax Deductions you can take advantage of in 2023 and beyond.
1. Business / Practice Improvements
Don’t forget to keep track of all those upgrades, maintenance fees, new equipment, etc…
Seems obvious right? You’d think so! But many businesses neglect to keep track of thousands of dollars of expenses that would save them money at tax time.
2. Insurance Premiums
Good news! Most insurance premiums are deductible.
Deductible insurance premiums include liability insurance, malpractice insurance, workers' compensation insurance, and even medical insurance for you and your family (under specific conditions).
3. Business Meals
This tends to be everyone’s favorite… because what’s more fun than eating out and saving money?
Luckily the government continues to recognize that networking and building professional relationships are vital to the success of any business.
True, the deduction rate for meals may have changed to 50% in 2023, but they’re still valuable.
4. Traveling
Most know that traveling for work purposes is a deductible expense, but so is traveling for conventions related to your work!
Transportation costs, lodging, non-entertainment meals, or other necessary business-related expenses… all are covered under the right conditions.
So make sure to enjoy yourself a little more on that next trip knowing that’s more money you won’t have to pay in taxes.
5. Research and Development (R&D) Tax Credits
Ok this is kind of cheating because it’s a CREDIT, but it’s one of the best opportunities to save on taxes and GET MONEY from the IRS…
And less than 30% of eligible companies take advantage of it!
Thankfully, the credit is retroactive up to 3 years, meaning that if you haven’t taken advantage yet you still may be eligible to get money.
We’ve seen businesses get as much as $100k back. Imagine what you could do for your business with that! I used the company Quartermaster! What a game changer!
Just by leveraging these deductions you can enhance your business’ financial health exponentially.
Keep in mind that tax laws and regulations may change over time, so it's crucial to work with a qualified tax advisor who can provide personalized guidance tailored to your unique circumstances.
If you have any questions or need further assistance, please don't hesitate to reach out to us. We are here to help you navigate the tax landscape and secure your practice's financial success.
Here's to saving money,
Invest in your health! Hope you enjoyed the tips!
Dr Dr. Matt Hubbard DC, True Chiropractic, Kearny Mesa/San Diego
