Five Ways You Can Save Millions When You Claim Taxes as a Business MiMundo Money Posted 11 months ago José David Hernández, a Honduran immigrant, discovered the many advantages of filing his income tax return as a business owner. Hernández was unfamiliar with paying income tax in Honduras. He presented his W-2 for the first time when he arrived in the United States. “The process was simple,” he says. Hernández earned very little from his business startup and filed his taxes without the help of a professional. Two years later, Hernández decided to seek help and discovered that filing as a business owner has its advantages. He is now able to declare and get credit for everything including money he gave his parents on a monthly basis. Related: Winnings result in million dollar debt (VIDEO) 5 things you can declare as a business owner Family assistance The assistance he gives his parents and children can now be given in the form of a check. Tithing Is considered a donation. Medical expenses Insurance and medical expenses. Office space at home. Rent for the space is deductible. Depreciation and expenses for the vehicle. Depreciation value is deducible. Getting the help of an accountant helps Hernández save. IRS preparers are knowledgable on how the Internal Revenue Service (IRS) works. “I have to pay taxes for my business and the deductions help me save millions that I can now use for other expenses, ” Hernández added.