2. Claim Your Auto Expenses

If your business owns a car, then you can deduct auto expenses from your taxes. There are two basic ways to do this: the actual expense method and the standard mileage rate method. If your business owns a newer car, and then you usually get more money by using the actual expense method.

Hold on to receipts whenever you spend money on repairs, replacement parts, fuel, and services. You’ll need them for your taxes. If you have an older car or if you have not kept all your receipts, then you can use the standard mileage rate method.

3. Get More Deductions for Small Businesses

If your business spends money on it, then you can probably deduct it from your taxes. That includes entertaining clients, professional development classes, books pertaining to your work, and even the accountant you hire to do your taxes.

It’s important to keep receipts for absolutely everything. If you don’t have a receipt, then you don’t have proof for the money spent on it.