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

  1. Accounting Fees
  2. Advertising
  3. Amortization
  4. Auto Expenses
  5. Banking fees
  6. Board Meetings
  7. Building repairs and maintenance
  8. Business Travel
  9. Business association membership dues
  10. Charitable deductions made for a business purpose
  11. Children on Payroll –
  12. Cleaning/janitorial services
  13. Cameras
  14. Collection Expenses
  15. Commissions to affiliates
  16. Computers and tech supplies
  17. Consulting fees
  18. Continuing education for yourself to maintain licensing and improve skills
  19. Conventions and trade shows
  20. Costs of goods sold
  21. Credit card convenience fees
  22. Depreciation
  23. Dining and Office food
  24. Drones
  25. Education and training for employees
  26. Equipment
  27. Exhibits for publicity
  28. Franchise fees
  29. Freight or shipping costs
  30. Furniture or fixtures
  31. Gifts for customers ($25 deduction limit for each)
  32. Group insurance (if qualifying)
  33. Health insurance
  34. Equipment repairs
  35. Health Reimbursement Arrangement
  36. Health Savings Account
  37. Home office
  38. Interest
  39. Internet hosting and services
  40. Investment advice and fees
  41. Legal fees
  42. Leased Vehicle or equipment
  43. License fees
  44. Losses due to theft
  45. Materials
  46. Maintenance and janitorial
  47. Mortgage interest on a business property
  48. Moving
  49. Newspapers and magazines
  50. Office supplies and expenses
  51. Outside services
  52. Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes
  53. Parking and tolls
  54. Pass-Through 199A Deduction
  55. Pension plans
  56. Postage
  57. Prizes for contests
  58. Real estate-related expenses
  59. Rebates on sales
  60. Rent
  61. Research and development
  62. Rental Property –
  63. Retirement plans
  64. Royalties
  65. Safe-deposit box
  66. Safe
  67. Spouse on Payroll
  68. Social media advertising
  69. Software and online services
  70. Storage rental
  71. Subcontractors
  72. Taxes (Personal and Real Property)
  73. Telephone
  74. Utilities
  75. Video equipment for business YouTube channel
  76. Website design
  77. 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.

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