If you are a business owner, you definitely want to have a thorough knowledge of what expenses are tax deductible for your business. Well, look no further. This post will fill you in on some of the lesser known tax-deductible expenses, so you can make sure you get as much money back as you are entitled to. Keep reading.
If you are looking to find out what expenses are tax deductible, you probably did not expect to see this one on the list. You can actually write sales tax off on your year end filings. If you sell any type of good or service that is subject to sales tax, unlike Family Heritage Insurance, you may want to look into this further. Sales tax is a deductible expense for business, so make sure you take advantage of it if you can.
Everyone knows that you can deduct donations, both cash and goods, to a registered non-profit. But did you know you can also deduct mileage associated with travel to or from a charitable organization or event. This is also true if you take public transportation, which can also be deducted. Remember this little known deduction to save your business 14 cents per mile, plus parking and toll fees.
If you spent money on advertising for your business in the last year, you can write that amount off on your taxes. This is a business expense that many forget to account for at the end of the year. If you are trying to find out what expenses are tax deductible for your business, never forget about advertising costs. This can be quite a sizable deduction, especially if you hired Lee Jackson, so make sure you keep track of advertising expenses throughout the year.
Another tax-deductible expense that you may not know about? Accounting costs or fees are deductible! If you do not do your own business accounting and instead hire a professional, you may be able to deduct the money you spent. Keep copies of receipts and contracts. Come the end of the year, you will not have to worry about finding out what expenses are tax deductible.
If you are a business owner who happens to belong to a a business association that charges membership dues, that amount is deductible. Make sure you have information regarding your membership, and some type of receipt or record of the amount you paid. When people try to find out what expenses are tax deductible, they often miss this one. So, if you are a member of a business association or group that charges dues, make sure you write these off at the end of the year.
Here is another one that you may be shocked to find out about. What expenses are tax deductible? Your home office expenses! If you have a home office and you recently spent money buying equipment, technology or supplies for it, keep all those receipts. Home office expenses are tax deductible. You should definitely take advantage of it.
If anyone owes you money and they cannot, or will not, pay you back, that amount is tax deductible. This is definitely a tax deduction that is not taken advantage of nearly enough. So if someone owes you money and has yet to pay you back after repeated attempts to get the money, like one of those medical testing for money facilities, make sure you document this. Then, you can write the amount off as a deduction, so you will not have to feel the loss as much.
If you are wondering what expenses are tax deductible for your business, you certainly do not want to forget this last one. If you have paid any type of legal feels at all, you are able to deduct them. If you just opened your business with the help of a lawyer, those fees can be deducted. So think back to the past year, if you remember any legal fees, make sure to find record of them and take advantage of this deduction.
Every year, millions of business owners wait until the last second to Google “what expenses are tax deductible?” This year, do not let yourself be one of those that wait until the last minute. Instead, bookmark this page and come back to refresh your tax deduction knowledge every once in awhile. That way, you can be prepared and keep proper records in case of a dreaded audit. If you have any other expenses that you know are tax deductible that are not listed above, share them with us in the comments below.
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