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Six common business tax deductions that can give your business some much needed financial breathing room

by , 15 July 2014
Every business owner dreams of taking a tax holiday. A well deserved break from your constant tax obligations with no hassles from SARS is just what the doctor ordered.

Sadly though, a tax holiday is merely a dream. The silver lining around this storm cloud is that with tax deductions you can at least have a little tax time out.

In fact, these six common business tax deductions could give you just the breathing room you need...

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 Save your company thousands with these six common business tax deductions

 
Business owners feel the burden of SARS' tax laws and requirements, but this is why you can claim tax deductions.
 
Here's how you can lift the weight of that burden with these six business tax deductions:
 
You can claim legal expenses, such as your lawyer's fees, as a tax deduction. So next time you find yourself in a lengthy court battle, you don't need to panic about the cost.
 
You can claim the cost of repairs to your business premise. Just ensure they're repairs and not improvements to the building. 
 
You can claim the cost of advertising, but only if it's a radio or TV ad that doesn't air for more than 12 months.
 
If you lose stock because of fire, theft or damage, you can claim the financial loss as a tax deduction.
 
As your company's assets get older, they depreciate in value. You can claim this loss in value under a wear and tear allowance.
 
If you get rid of a company asset that no longer has any use, you can claim a scrapping allowance.
 
There you have it; these six deductable business expenses could turn your tax burden into a tax breeze. 
 
*********** Reader's choice  ***************
Legally pay less tax
 
 
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