BUSINESSES

Do you have a small business?

Here is a list of small business deductions for most small business owners. Some industries may have more than others and not all are fully deductible.

The top 16 small business tax deductions

Each of these expenses are 100 percent tax deductible.

Either Business Mileage (55.5 cents per mile) Or…

Auto Expenses

  • Car Washes
  • Depreciation/Lease Payments
  • Gas
  • Insurance
  • Interest
  • License/Registration
  • Maintenance
  • Repairs
  • Tires

Both Methods can Deduct

  • Car Washes
  • Tires

Business Travel

  • Airfare
  • Car Rental
  • Dry Cleaning/Laundry
  • Lodging
  • Meals
  • Parking/Tolls
  • Taxi, Train, Subway, Bus
  • Tips

Business Meals, Business Entertainment, Communication

  • Answering Services
  • Cell Phone Service
  • Fax Expenses/Efax
  • Interactive Voice Response (IVR)
  • Internet Service
  • Office Telephone/VOIP
  • Pagers (those still exist?)
  • Toll Free Number

Equipment

  • Briefcase
  • Calculator
  • Camera/Lenses
  • Cellphone/Smartphone
  • Cleaning Equipment (Vacuum Cleaner)
  • Computer
  • Equipment Repair
  • Flashlight
  • GPS
  • Hard Drives/Thumb Drives
  • Ipad/Tablet PC/Android
  • Laptop
  • Lock Boxes/Locksmiths/Keys
  • Maps
  • Printer
  • Scanner

Employee Wages

  • Clerical Support
  • Family Wages (kids/spouses… really)
  • Payroll/Unemployment Taxes
  • Sales Assistant
  • Virtual Assistant

Health Insurance, Home Office

  • Insurance
  • Mortgage Interest/Rent
  • Property Taxes
  • Repairs/Maintenance
  • Security System
  • Utilities

Office Expenses

  • Desk Fees
  • Client Refreshments (Coffee, Water, etc.)
  • Copier Fees
  • Janitorial Services
  • Office Furniture
    • Bookshelves
    • Chairs
    • Desks
    • Filing Cabinets
  • Office Supplies
    • Envelopes
    • Folders
    • Paper
    • Pens
    • Postage
    • Stationary
    • Toner/Ink
  • Office Rent
  • Online Storage of Business Files
  • Software

Depending you your business you may have other expenses not listed here such as equipment and inventory.

You must have a written record of these expenses to support the deduction,

Written records are usually a ledger, a record of expenses spreadsheet, receipts and bank statements.