Finding answers to your small business tax questions within the mountains of documents on IRS.gov can be a tiresome task. Often your answer will be spread out among various documents and cluttered with information you wish to sift out. This happens to be the case for anyone searching for a comprehensive list of small business tax deductions on the IRS website. To save you hours of research we put together a list for you of 25 small business tax deductions along with links to helpful pages about each topic.

Small Business Tax Deductions

  1. Accounting Fees
  2. Advertising and Marketing
  3. Banking Fees
  4. Building Repairs and Maintenance
  5. Business Travel
  6. Car Expenses
  7. Charitable Deductions made for a Business Purpose
  8. Cleaning/Janitorial Service
  9. Consulting Fees
  10. Contractors
  11. Credit Card Convenience Fees
  12. Depreciation
  13. Continuing Education for Yourself for maintaining License and Improving Skills
  14. Education and Training for Your Employees
  15. Employees Wages
  16. Employee Benefits
  17. Equipment
  18. Health Insurance
  19. Home Office (see #4 in link)
  20. Payroll Taxes for Employees
  21. Permits and Fees
  22. Rent
  23. Startup Expenses
  24. Website Design
  25. Insurance premiums for credit, liability, malpractice, worker’s comp, and other insurance

Tip: Just because you did not receive a receipt does not mean that you cannot deduct the cost. You document it the same way.

Remember, it is always important to consult a professional before making any decisions on your tax deductions.  Some rules may not apply to your specific business and can get confusing trying to decide what does pertain to you. Founder’s CPA can help you with your small business tax deduction questions. See our Tax Strategy Service here.

Documentation is the key to a successful deduction strategy. So save those receipts in an organized way like scanning them into computer files. Also, always note the business reason for the purchase.

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Do Not Claim These as a Small Businesses Tax Deduction

  1. You cannot claim your own salary if you’re a sole proprietor
  2. Professional accreditation fees
  3. Political contributions
  4. Penalties and fines you pay as because of breaking the law
  5. Lobbyists
  6. Life and disability insurance premiums if you’re a sole prop., partnership, or S Corporation
  7. Federal income tax payments
  8. Membership dues, even to a professional organization
  9. Contributing your time to charity
  10. Business attire that you can wear outside of work
  11. A small business loan—but you can deduct whatever you purchase with the loan

 

Written By Curt Mastio CPA, of Founder’s CPA

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