Tax deduction tips that can save your business money

Preparing your business for tax season? Here is how business credit reports can work to your small business's tax advantage.

Tip 1: Credit reporting agency fees are a business expense that many small-business owners overlook. Check with your tax preparer on the routine expenses you've incurred accessing business credit reports from Experian. To download your receipts, sign into your account now.

Tip 2: If someone fails to pay your business, the bad debt may be deductible. It depends on the kind of product your business sells and if it is cash-based or accrual-based. Be sure to discuss this issue with your tax preparer.

Tip 3: If you're searching for a new tax preparer, always check out the preparer's business before you hire. Research the tax preparer's business credit report. A key confidence indicator should be a business's longevity — the entity has been in business at least five years with no legal filings.