For small business owners, finding ways to save on taxes while planning for the future is essential. One important strategy for business owners to know about is contributing to a retirement plan. Not only does this help secure your financial future, but it also offers significant tax advantages that can benefit your business today.

One of the most impactful tax incentives for businesses is Section 179 of the Internal Revenue Code, commonly referred to as the "Section 179 Deduction." This powerful tax tool can help businesses to immediately write off the cost of certain assets in the year bought, reducing taxable income and freeing up capital for growth.