Tax season is just around the corner so most of you are probably getting your financial affairs in order. But before you start doing your taxes you should make sure that you are getting all the tax deductions that you can claim. As a business owner there are a lot of tax deductions that you can claim. Essentially, whatever expense it takes for your business to run can be counted as a write-off. This can mean a big return.
Here is a list of tax deductions that you might be able to claim.
As a business you have to have certain equipment or tools to do what you do. When you purchase new equipment this is considered a write-off. This can be anything from a work truck to a computer or even a cell-phone. If it is needed to run your business, then claim it. But remember, save all your receipts as proof of purchase. The IRS won’t take your word for it.
Should your business need to change its location for whatever reason, then you are able to write off the expense of that move. If you use a moving company or renting a truck then keep that receipt or invoice and file it away.
Any type of marketing that you do is tax deductible. Marketing is like a tool that it takes for a business to run. If you run TV ads, hire an SEO company or run an ad in a magazine or newspaper then you can write-off that expense.
If you have employees that are required to obtain training or receive certificates, then you write-off the cost of that training or certification. Even if it is for yourself and not an employee, you can claim it. Since this is required for your business to exist then it is tax deductible. But just like everything else, remember to keep the receipts.
If your business donates to a charity or charities, then you can claim that as a tax deduction. Also, your donation does not have to be money to be counted as a write-off. If you donate items then the cost of those items is deductible.
There is a myriad of other deductions to consider. For instance, you can write-off bank fees, office supplies, postage fees, business checks or even software that you might have to purchase. Don’t miss out on any deduction no matter how small, they can add up quick.
If you are surprised by any of these of the tax deductions above then you should probably rethink the way you do your taxes. If you have an accountant that has not been helping you to get these deductions, then it might be time for a new accountant. You could be saving a lot of many with these write-offs. If you are not sure if something is tax deductible, then consult with an accountant. It is worth it to go through all of your expenses and ask if it is deductible.