Humble Roots Entrepreneur

 Here are seven ways that small businesses can save money on taxes before the end of the year. If you own a small business, taxes are almost certainly one of your top expenses. Although it's critical to be proactive and employ sound tax-planning methods throughout the year, you may still take steps now to save money for your company before the year closes in 2021. Here are eight of them. 1. Purchase capital goods You can buy machines, automobiles, computers, software, furniture, and other types of capital equipment and deduct up to $1,050,000 this year instead of depreciating them over time, thanks to accelerated depreciation regulations. And keep in mind that you don't have to pay for this right immediately. Even if you're financing the purchase, the regulations enable you to deduct the cost as long as the item is in use by the end of the year. 2. Contribute to charitable causes You can take a $300 deduction ($600 for those filing jointly) on your tax return this year, in ...

           Small Businesses and Holiday Optimism  Independent businesses are cautiously optimistic that their holiday seasons will be bright, despite problems this year ranging from supply chain hitches to shortages of trendy seasonal items, after nearly two years of the pandemic. This year, many businesses ordered decorations, toys, stocking stuffers, and other things well in advance, relying on smaller vendors to fill in any gaps in their inventory. They've used social media to reach out to customers. They're also betting that supply chain troubles at larger businesses this year will result in a surge of last-minute shopping in their stores. Pandemic & Inflation Concerns about omicron and growing instances haven't had a noticeable impact on holiday shopping so far. According to Sensormatic Solutions, retail traffic was up nearly 20% year over year for the week ending Dec. 18, but down 23% from the same week in the pre-pandemic year of 2019. Howev...