Erica Seppala

Is cost segregation worth it for your property? It depends. While many taxpayers will benefit greatly from cost segregation, this tax strategy isn’t a good fit for all property owners. This may be because the property doesn’t qualify for cost segregation, the drawbacks outweigh the benefits, or for other reasons.

Cost segregation allows you to write off specific costs over five, seven, or 15 years, and this frontloaded depreciation can cut your tax bill significantly. Many costs can be written off through cost segregation — from furniture and office equipment to POS systems and drive-thru equipment.

A tax credit is an amount of money taxpayers can claim to decrease the amount owed on taxes. Tax credits affect the total a taxpayer or business owes at the end of their tax calculations by allowing you to reduce the amount of money owed, or even in some cases, increase the amount received in a tax refund.

Tax credits are a great way to lower the amount of taxes you owe the IRS and can even increase your tax refund if you’re lucky. With over 30 tax credits available to small business owners, it can be overwhelming to learn which tax breaks you should (or are allowed to) take.

A tax deduction is a business expense you can use to reduce your total taxable income. According to the IRS, expenses that qualify for deduction must be “both ordinary and necessary.” Expenses that meet these requirements can be written off on your tax return, saving you hundreds or potentially thousands of dollars each tax season.

QuickBooks Money is a free business banking and payments app that draws much of your business finances into one easy-to-use dashboard. Like the best business bank accounts we cover, QuickBooks Money offers free banking services that will meet many small business owners’ needs.

While you’re actively driving or delivering, you’re working for what’s known as a Transportation Network Company (i.e., Uber, Lyft, Doordash, Instacart, and so on). Your TNC is required in most cases to provide insurance coverage. While you’re waiting for a job and in between jobs, you need personal auto insurance for your car. But making deliveries or offering rideshares may invalidate your coverage.

Inland marine offers coverage to protect your products, materials, and equipment from events such as theft, fire, wind and hail, water damage, accidental damage, and mysterious disappearance. It does not cover damages that occur at your main business location, damage to commercial vehicles, items shipped by air or sea, or earthquake and flood damage.

Businesses are required to carry workers’ compensation in all states except Texas. In many states, workers’ comp is required as soon as you hire your first employee. Other states tie coverage requirements to the number of employees you have. Talk with a licensed insurance agent to make sure you have the coverage you need.

Restaurant POS systems help business owners in Australia take orders, accept payments, create menus, manage inventory, and generate sales reports. The best restaurant POS systems in Australia have online ordering capabilities, a loyalty program builder, advanced inventory management, and offline payment acceptance.