--- title: "77 Possible Business Tax Deductions" url: "https://www.pierreaccounting.com/77-possible-business-tax-deductions/" post_type: "post" date_published: "2019-03-04T19:00:32-08:00" date_modified: "2019-07-18T20:06:51-07:00" categories: ["Uncategorized"] --- # 77 Possible Business Tax Deductions Let’s set the Record straight. The key to minimizing your taxes isn’t necessarily in knowing all your tax deduction possibilities, but rather in good Record Keeping. With a well knowledgeable CPA, you don’t have to worry about being an expert in tax laws and business deductions. Keeping good records will ensure your CPA can maximize your return while minimizing your risk of an audit with the IRS. A good CPA will suggest not just thinking about the bottom line, but the lines in between that get you to your bottom line. Any transaction executed by a business owner should always follow with the question- what business purpose can I assign for this expense? In other words, how can I maximize this expense? Defined by Code Section 62, a valid write-off is any expense incurred in the production of income. Each deduction then has its own rules. Here are 77 possible tax deductions for your business to keep in mind. But don’t fret as long as you maintain good Record Keeping you don’t have to memorize them all – the good record keeping you keep will allow your CPA to find all the ways to write-off expenses. 77 Possible Business Tax Deductions Accounting Fees Advertising Amortization Auto Expenses Banking fees Board Meetings Building repairs and maintenance Business Travel Business association membership dues Charitable deductions made for a business purpose Children on Payroll – Cleaning/janitorial services Cameras Collection Expenses Commissions to affiliates Computers and tech supplies Consulting fees Continuing education for yourself to maintain licensing and improve skills Conventions and trade shows Costs of goods sold Credit card convenience fees Depreciation Dining and Office food Drones Education and training for employees Equipment Exhibits for publicity Franchise fees Freight or shipping costs Furniture or fixtures Gifts for customers ($25 deduction limit for each) Group insurance (if qualifying) Health insurance Equipment repairs Health Reimbursement Arrangement Health Savings Account Home office Interest Internet hosting and services Investment advice and fees Legal fees Leased Vehicle or equipment License fees Losses due to theft Materials Maintenance and janitorial Mortgage interest on a business property Moving Newspapers and magazines Office supplies and expenses Outside services Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes Parking and tolls Pass-Through 199A Deduction Pension plans Postage Prizes for contests Real estate-related expenses Rebates on sales Rent Research and development Rental Property – Retirement plans Royalties Safe-deposit box Safe Spouse on Payroll Social media advertising Software and online services Storage rental Subcontractors Taxes (Personal and Real Property) Telephone Utilities Video equipment for business YouTube channel Website design Workers’ compensation insurance Too often business owners are more concerned about the deductions they can take but don’t practice having legitimate proof for the deduction. Successful business owners and corporations are proficient at good Record Keeping and recognizing when expenses have a legitimate business purpose. So, it’s key to try to track every single expense related to your business and review them with your CPA at the end of the year. Contact us to review your tax deduction possibilities and ensure you keep more money in your pocket and less in Uncle Sam’s.