Business Tax Deductions Done Right

With our help you can cut the guesswork out of getting the deductions you deserve and are eligible for. This is not meant to be an inclusive list but these are the most common deductions that many small businesses are eligible to deduct for federal tax purposes.

Always Deductible

These are expenses that are always deductible because you need them to run your business. As long as they are ordinary and necessary they will be deductible.

• Advertising

• Depreciation

• Gifts to Customer, Supplies, Employees

• Insurance

• Legal and Professional Services

• Travel Expenses

• Employee Wages

• Contractor Payments

• Business Utilities

• Dues for Trade Associations and Business Organizations

Convertible Expenses

These are expenses that you will have with or without a business. When you start your business, these may become deductible as a business expense.

• Cell Phone

• Health Insurance

• Meals

• Home Internet

• Tax preparation fees

Idea’s For More Deductions

This is list of business expenses that most small businesses will incur.

• Auto Expenses

  • Auto Insurance

  • Fuel (gas, diesel, or electricity if applicable)

  • Annual maintenance

• Advertising

  • Business Mailers (outgoing mail to current and prospective clients)

  • Business Gifts

  • Donations made in return for banners, flags, or recognition

  • Stationery materials

  • Business Cards

  • Public Relations and Promotions

• Insurance

  • Malpractice Insurance

  • Health Insurance

  • Liability Insurance

• Continuing Education

  • College work even post baccalaureate education

  • Continuing educational requirements for licensure

  • Continuing Professional Education (CPE)

• Meals and Entertainment

  • Cost of food while talking about business

  • Meals for employees

  • Business entertainment expenses

• Equipment, Furniture, and Office Equipment

  • Leased equipment

  • Finance charges related to financing

  • Purchased equipment (may be subject to deprecation and not 100% deductible in year one)

  • Office furniture

  • Printers, Computers, and peripheral devices

  • Laptops and tablets

• Utilities

  • Cell phone service

  • Internet, fax, and voice services

  • Equipment required for service

• Parking and Tolls

  • Parking and toll expenses related to your business travel

  • Parking and toll expenses related to a client or prospective client

• Bank Service Charges

  • Overdraft fees

  • Interest charges on credit cards, loans, lines or credit

  • Most other transaction bank fees

• Licenses

  • License fees

  • Expenses related to maintaining a required license

  • Professional association dues

• Subscriptions Services

  • Email and website hosting

  • Internet fax

  • Office security suites

• Retirement Contributions

  • Retirement account setup, maintenance, and processing fees

  • Retirement matches

  • Employer matches

  • SEP contributions

• Uniforms

  • Employee uniforms if required

  • Specific work related clothing (scrubs, police uniforms, and other specific uniforms required)

• Accounting, bookkeeping, and legal fees

  • Tax preparation fees

  • Legal advice and advisory

  • Consulting and business mentoring

• Payroll

  • Payroll setup, maintenance, and processing fees

  • Payroll taxes

  • Federal and state unemployment taxes

* Some deductions are business structure specific and may not be available to all business types

* Expenses must be “ordinary and necessary” to be deductible.

* Specific states may have different deductions available to your business. If you are unsure of a deduction send us an email.

* Pursuant to requirements imposed by the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of avoiding penalties imposed under the United States Internal Revenue Code or promoting, marketing or recommending to another person any tax-related matter.

Please contact us if you wish to have formal written advice on this matter.