You should track every business expense and comb over them Keens Tax at the end of the year to ensure you only take legitimate deductions, both to minimize your risk of audit and to have the documentation in place in case the IRS ever comes knocking.
Possible Deductions for Taxes
- Accounting fees
- Advertising
- Amortization
- Auto expenses
- Bad debts that you cannot collect
- Banking fees
- Board meetings
- Building repairs and maintenance
- Business association membership dues
- Business travel
- Cafeteria health-insurance plan (requires plan)
- Charitable deductions made for a business purpose
- Cleaning/janitorial services
- Collection Expenses
- Commissions to outside parties
- Computers and tech supplies
- Consulting fees
- Continuing education for yourself to maintain licensing and improve skillsl
- Conventions and trade shows
- Costs of goods sold
- Credit card convenience fees
- Depreciation
- Dining during business travel
- Discounts to customers
- Education and training for employees
- Employee wages
- Entertainment for customers and clients
- Equipment
- Equipment repairs
- Exhibits for publicity
- Family members' wages
- Franchise fees
- Freight or shipping costs
- Furniture or fixtures
- Gifts for customers ($25 deduction limit for each)
- Group insurance (if qualifying)
- Health insurance
- Home office
- Interest
- Internet hosting and services
- Investment advice and fees
- Legal fees
- License fees
- Losses due to theft
- Management fees
- Materials
- Maintenance
- Medical expenses (with plan)
- Mortgage interest on 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
- Pension plans
- Postage
- Publicity
- Prizes for contests
- Real estate-related expenses
- Rebates on sales
- Rent
- Research and development
- Retirement plans
- Royalties
- Safe-deposit box
- Safe
- Software and online services
- Storage rental
- Subcontractors
- Taxes
- Telephone
- Utilities
- Website design
- Workers' compensation insurance
