TOP 10 SMALL BUSINESS DEDUCTIONS WHEN FILING YOUR TAXES
- Business Expenses: Deductible business expenses can include office supplies, rent, utilities, and other costs associated with running your business.
- Home Office Deduction: If you use part of your home exclusively for business, you may be eligible for a home office deduction, which can include a portion of your rent or mortgage, utilities, and other related expenses.
- Vehicle Expenses: If you use your vehicle for business purposes, you can deduct expenses such as gas, maintenance, and depreciation. Keep detailed records of your business-related mileage.
- Travel Expenses: Business-related travel expenses, including airfare, lodging, meals, and other related costs, are generally deductible. Make sure to keep records and receipts.
- Meals and Entertainment: Business-related meals and entertainment expenses are often partially deductible. Be sure to keep records of the business purpose and attendees.
- Professional Fees: Fees paid to professionals, such as accountants, consultants, and legal advisors, are generally deductible.
- Insurance Premiums: Premiums for business insurance, such as liability, property, and business interruption insurance, can be deductible.
- Retirement Plan Contributions: Contributions to retirement plans for yourself and your employees are typically deductible. This includes contributions to 401(k) or Simplified Employee Pension (SEP) plans.
- Education and Training: Costs associated with maintaining or improving your skills in your current business are often deductible. This may include the cost of workshops, courses, and educational materials.
- Charitable Contributions: If your business makes charitable contributions, those donations are generally deductible. Be sure to follow the relevant tax laws and keep proper documentation.
It’s important to note that tax laws can change, and the specific deductions available to your business may depend on factors such as your business structure, industry, and location. Consult with a qualified tax professional or accountant to ensure that you are taking advantage of all the deductions available to you. You can also reach out to Hudson Rowe Marketing and we will assist using our knowledge of tax deductions for small businesses.