No one wants to pay more taxes than necessary. Every business strives to cut down tax liability. Luckily, there are many viable and legal ways to reduce your corporate tax responsibilities throughout the year. Here are five great tips you can start implementing now to minimize your corporate taxable income when tax season rolls around:

1. Claim all business expenses
Many businesses struggle to calculate all of their deductible expenses. Transportation costs, such as mileage for personal vehicles, business cell phone plans, and even a portion of your meal and entertainment costs can be deducted if they were used for your business. These expenses and many others directly contribute to the success of the company. Monitor every expense that’s made for clients, contractors, and employees and claim them in your taxes. Ensure all expenses you claim are wholly and exclusively used for the business and not for any personal use.

2. Keep track of all monthly expenses and revenues
Your business likely receives monthly bills for subscriptions, food costs, internet, cable and more. While not every business is the same in what’s necessary, all costs directly related to the business should be documented and tracked. Keeping track of these expenses helps you most when you need to file your taxes. Even the smallest expenses like manuals and magazines used to benefit your professional development should be claimed as a necessary cost. Don’t wait until the last minute to determine your expenses. Keep track throughout the year to streamline the process and keep your business’ margins profitable.

3. Make charitable donations through your corporation
Corporate tax preparation can be easy when you take the time to prepare. Donating to charity is a great way to eliminate taxes on capital gains and give you a charitable tax credit. Rather than being taxed on your profits or stocks, you can donate the money to a charity that then uses it to suit their needs. You receive a credit amount in return that is directly applied to your taxes but can’t be returned to you in the form of a refund. This process cuts down your costs and better helps your community and those in need.

4. Take advantage of the tax benefits
New tax benefits are constantly being released and updated each year. Your business may qualify for new exclusions, deductions, and credits. Keep updated on new state and federal regulations that could benefit your business. By keeping track of your supplies, education, software, and other monthly expenses, you’ll be able to more easily find deductions and minimize your taxes. Smart planning and organization can save your company hundreds to thousands of dollars depending on your regular expenses and revenue.

5. Hire a professional corporate tax accountant
Keeping up with new tax benefits and your company’s regular spending habits can be difficult. Your company could therefore reduce its tax liability by seeking out the services of a professional corporate tax accountant. Tax accountants are trained to benefit their clients, minimizing income that can be taxed and finding new expenses to claim. Rather than risking your company’s finances, take care of them with the help of an expert with years of experience and an insider look into the tax process. If you’re unsure of how to connect with a professional, Google “corporate tax accountant near me” and read the reviews of others in similar industries.