Tax Deductions for Entrepreneurs

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Tax Deductions

GOBankingRates

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Business

Business & Economics

Tax Day Countdown: 4 Tax Deductions for Entrepreneurs To Save You Thousands

Summary

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79% Informative

Deductions are a great way to reduce tax liability or hopefully your overall tax bill.

Take advantage of the Foreign Derived Intangible Income (FDII ) deduction.

The FDII reduces the tax rate by 1/3 on sales of most items made outside the US .

The Tax Cuts and Jobs Act is set to expire this year .

This can have a huge impact on tax for startups and can lead to taxable income even when a company has negative cash flow overall, so it needs to be managed carefully by any software development company in the early years of receiving income.” Caitlyn Moorhead contributed to the reporting for this article. More From GOBankingRates This article originally appeared on GOBankingRates.com : Tax Day Countdown: 4 Tax Deductions for Entrepreneurs To Save You Thousands .

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