With the end of the year right around the corner, it's time to start thinking about taxes. If you own a small business, you know how difficult tax season is. We have 3 simple ways your ice cream shop can save money on taxes. Keep reading to find out what they are!
1. Stock Up
It may seem counterintuitive, but spending more money on your business means you'll spend less in taxes. When you buy supplies for your ice cream shop, it counts against your taxable income. Stocking up on supplies before the end of the year means you'll be taxed on less income.
Buy your necessary supplies in bulk at the end of the year to save on taxes! Increasing your expenses will lower your taxable income. You can stock up on the basics for your ice cream shop like heavy-duty dessert spoons or 8 oz ice cream cups. Just make sure to buy them before December 31!
2. Give Bonuses
Giving bonuses to your employees allows you to receive a tax deduction. You can deduct any bonuses you give to employees, but bonuses given to partners, sole proprietors, and LLC members aren't eligible for deductions.
3. Go Green
By purchasing energy efficient vehicles and property, you can receive both tax deductions and tax credits. Driving hybrid or electric cars is good for the environment and your wallet!
If you want to save money on taxes for your ice cream shop, these simple things are sure to help. Try them out today!