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.
- Advertising and promotion
- Business meals
- Business insurance
- Business interest and bank fees
- Business use of your car
- Depreciation
- Education
- Home office
- Interest
- Legal and professional fees
- Moving expenses
- Rent expense
- Salaries and benefits
- Telephone and internet expenses
- Travel expenses
- Bonus: Personal expenses
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.
