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Answer from our Guest Expert Peter Soh of AdviseInc.com - page 4 General Business Tax Write-offs Here are a few general tax write-offs for small business owners everywhere! Small Business Capital Gains Exclusion You may also be able to qualify for a wonderful tax incentive called the Small Business Capital Gains Exclusion. This incentive can exclude 50% of capital gains on stock sales if the company has less than $50M of gross assets on or after 1993, and shareholders have held the stock for 5 years. The capital gains subject to this exclusion are limited to $10M or 10 times the amount of investment. The long-term capital gains rate is 20%, it would effectively be 10%, if you qualify for this exclusion. Excess Inventory If you haven't done so during the taxable the year, towards year-end, you can donate excess inventory to qualified, non-profit educational institutions or institutions that benefit the ill and needy. You could deduct the lesser of 50% of the inventory's markup or twice its cost -basis. If you're a sole proprietorship, donating household and business goods to a qualified chariety, such the Goodwill or Salvation Army, can be used as a tax write-off as well. Good Tax Deduction/Write-Off Resources These are just a sampling of the various tax write-offs businesses can use to lessen their tax burdens. For more information, I recommend some of these resources; 422 Tax Deductions for Businesses and Self-Employed Individuals by Bernard Kamoroff tax.org Internal Revenue Service American Institute of Certified Public Accountants Hope this helps you! Best of Success! Peter Soh of AdviseInc.com Page 1 - 2 - 3 - 4 Enter your search terms Submit search form       Search Idea Cafe Web Small Business Tax Center • Idea Cafe Home • Sign Up • Biz Grant Center • CyberSchmooz •Coffee Talk with Experts • People in Biz Profiles • Starting Your Biz • Biz Planning • Running Your Biz • FREE Trade Publications • Marketing • Financing Your Biz • Human Resources • Legal & Biz Forms • Managing Your Biz • eCommerce • You and Your Biz • Gen X • Work@Home • The Fridge • De-Stress • Send an Award • Send an eGreeting • Yoga @ Your Desk • Web Guide • Idea Cafe in the News • About Idea Cafe • Advertise on Idea Cafe • Contact Us • Privacy Policy • Site Map • Small Biz News Copyright 1995-2023, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc. DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages. TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.