92 Small Business Tax Deductions You Can’t Miss Out On

Small businesses make up a significant portion of the economy. In fact, they’re responsible for creating two-thirds of new jobs in the United States each year. But starting and running a small business isn’t easy. One of the most daunting tasks is navigating the complex world of taxes.

Fortunately, the tax code is full of deductions that can help small business owners save money on their taxes. Here are 92 small business tax deductions you can’t miss out on:

1. Advertising and promotion expenses
2. Bad debt expenses
3. Bank fees and charges
4. Charitable contributions
5. Commissions and fees
6. Computer software and hardware
7. Contract labor
8. Credit card processing fees
9. Depreciation
10. Donations to employee benefit plans
11. Dues and subscriptions
12. Employee benefit programs
13. Employee education and training costs
14. Employee payroll taxes
15. Employee salaries and wages
16. Employee health care expenses
17. Employee parking expenses
18. Entertaining clients and customers
19. Equipment and supplies
20. Franchise fees and royalties
21. Fuel and oil expenses
22. Gifts to employees
23. Insurance premiums
24. Interest on business loans
25. Inventory expenses
26. Legal and professional fees
27. Licenses and permits
28. Loan origination fees
29. Maintenance and repairs
30. Medical expenses
31. Merchant account fees
32. Mileage expenses
33. Moving expenses
34. Office equipment and furnishings
35. Office rent and utilities
36. Office supplies and expenses
37. Online advertising expenses
38. Outside consultants
39. Overhead expenses
40. Packaging and shipping expenses
41. Parking and tolls
42. Patents and trademarks
43. Payroll processing fees
44. Pension and profit-sharing plans
45. Phone and internet expenses
46. Postage and delivery expenses
47. Professional development expenses
48. Property taxes
49. Publications and reference materials
50. Raw materials and supplies
51. Rent for business property
52. Repairs and maintenance
53. Research and development expenses
54. Retirement plan contributions
55. Royalties on intellectual property
56. Safe deposit box rental
57. Sales and use taxes
58. Security system expenses
59. Self-employment taxes
60. Shipping and handling expenses
61. Software and subscriptions
62. Start-up expenses
63. State and local taxes
64. Stock and bond trades
65. Storage expenses
66. Subcontractor expenses
67. Supplies and materials
68. Tax return preparation fees
69. Telephone expenses
70. Tools and equipment
71. Trade show expenses
72. Transaction fees
73. Travel expenses
74. Uniforms and work clothes
75. Vehicle expenses
76. Vacation expenses
77. Vehicle leases
78. Website development expenses
79. Web hosting expenses
80. Workers’ compensation insurance
81. Bad check expense
82. Business meals
83. Business-related clubs and memberships
84. Cigar and cigarette expense
85. Coffee and breakroom supplies
86. Cost of goods sold
87. Credit bureau fees
88. Depletion deduction
89. Environmental cleanup costs
90. Fines and penalties
91. Fringe benefits
92. Internet expense

Small business owners should consult with a qualified tax professional to determine which deductions apply to their situation. In general, deductions can save businesses thousands of dollars each year, which can be reinvested in the business or used to pay down debt.

It’s important to note that not all expenses are deductible. Business owners must be able to prove that an expense was incurred for legitimate business purposes and that the expense was reasonable and necessary. Personal expenses and expenses that are not directly related to the business are not deductible.

In conclusion, small business owners should educate themselves on the many tax deductions available to them. This will help them save money on their taxes and reinvest that money into their business. By taking advantage of these deductions, small businesses can thrive and contribute to the growth of the economy.