Small Business people, especially new ones, are not always aware of all the business expenses they can legally deduct on their income tax returns. The tax code allows you or your business, whether it is a sole proprietorship, corporation, partnership, LLC, etc. to deduct “ordinary and necessary” business expenses. The following is an example of a list of business expenses which you might overlook that is meant to help you or your business pay the lowest tax possible.
- Advertising and Marketing costs
- Artwork, decorating, and furnishings for business office
- Bad debts from sales/services
- Briefcases, organizers, notebooks and office supplies
- Mileage
- Computers, office furniture, all business equipment, including business vehicles and computer software
- Expenses for business use of your home
- Insurance (other than health)
- Internet access fees
- Interest
- Legal and Accounting fees
- Office Expense
- Office supplies
- Rent or Lease
- Repairs and maintenance
- Security systems
- Subscriptions for magazines and newspapers
- Supplies
- Taxes and licenses
- Telephone, Cell phone
- Tools used for business
- Training (classes taken to keep up to date in your profession or for self-improvement or marketing)
- Travel, meals, and entertainment
- Utilities
- Union and Professional dues
I hope this helps you find more deductions. It may be time well spent to go over your check book and credit card bills to find business expenses you might otherwise overlook.