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Harris-Courage & Grady, PLLC Dec. 26, 2016

Most of the clients who come to see us about filing bankruptcy feel financial pressure. Sometimes, during our free consultation, we determine that filing bankruptcy may not be your best option, or may not be your best option right now.

Starting a small business can be a great way to relieve your financial pressure. Having your own small business can be a great way to increase your income. If you have a hobby or a skill that you enjoy, you may be able to turn it into a business on the side. Think about the skills you have and the things you love to do. With some creativity, you can create a business around nearly anything!

Having a small business can also reduce your taxes. Many business costs are tax deductible. You may be surprised at the number of business expenses you can deduct.

Tax Deductible Items for Small Businesses Include:

  • Auto expenses. The 2015 standard mileage rate is 57.5 cents per business mile driven.

  • Equipment you need to run your business. You can either deduct the entire amount you spend upfront, or you can deduct part of the value of the equipment each year that you own it as it depreciates in value.

  • Costs of running your business, including phone bills, and office supplies.

  • Office space. You can deduct the cost of this space whether it is an external office or just a room in your home.

  • Retirement contributions. You can deduct contributions you make to an SEP IRA.

Starting a business could be a great way for you to earn more money doing something you already love. You’ll also be able to reduce your taxes. Take some time today to think about if starting a small business could be right for you.