Tax season is here which means you have a lot to do before filing day. That said, don’t be in such a rush to get your company’s taxes out of the way that you miss out on some of the valuable deductions you’re entitled to! There are countless ways that a professional CPA can save your business money in the next few weeks if, that is, you know all the deductions which your small business file for.
Unfortunately, the IRS doesn’t have a master list of qualified deductions available anywhere (because that would make too much sense). Instead, the simplified version of the definition they provide for a legally deductible expense is simply something which is “common and ordinary” for an effectively running business. That, of course, is a very vague definition to move forward with so we’ve put together as comprehensive a list as possible to help you along the way to filing day. Be sure to bring documentation for as many of these items as possible to your accountant so that your business saves as much money as possible this tax season.
The following information specifically represents possible business tax deductions and should not be considered a guarantee of these deductions in every case. Always speak with a qualified tax filing professional to ensure your business is adhering to proper tax filing practices.
Around the Office
- Office Maintenance
- Accountant Fees
- Office Utilities
- Property Insurance
- Home Office
- Expenses
- Employee Wages
- Employee Fringe Benefits
- Employee Sick Pay
- Employee Vacation Pay
- Office Rental Payments
- Office Furniture
- Office Supplies
- Storage
- Subcontractor
- Wages
- Business Calls
On (and Around) the Job-Site
- Work Travel Expenses
- Equipment Towing Costs
- Truck Maintenance and Repair Expenses
- Automotive Insurance
- Tools and Equipment
- Tools and Equipment Repairs
- Parking Fees
- Truck Advertisements
Business Development
- Advertising Campaigns
- Banking Fees
- Contractor Licensing
- Tradeshow or Convention
- Attendance
- Liability Insurance
- Worker's Compensation Insurance
- Employee Education and Training
- Health Insurance
- Customer and Client Entertainment
- Business Start-Up Costs
- Lodging During Business Travel
- Dining During Business Travel
- Pension Plan Payments
- Loan Payments
Business Losses
Business Taxes
Be sure to speak with your CPA about all of these different expenses this year and you’ll be able to save a ton of money that would otherwise simply be a loss. Keep them in mind moving forward with your business as well to make sure that you aren’t taxed a cent more than you should be!
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