As a small business owner, you know how important it is to maximize your tax savings. But did you know that there are 92 small business tax deductions that you might not know about? By taking advantage of these deductions, you can save a significant amount of money on your tax bill.
So, what are these small business tax deductions? Let’s take a closer look.
1. Home office deduction
If you work from home, you may be eligible for a home office deduction. This deduction allows you to write off a portion of your home expenses, such as rent, mortgage, utilities, and insurance, as a business expense.
2. Equipment expenses
If you purchase and use equipment for your business, such as computers, printers, or machinery, you can deduct the cost of these items as a business expense.
3. Office supplies
The cost of office supplies, such as paper, toner, and pens, can also be deducted as a business expense.
4. Travel expenses
If you travel for business purposes, you can deduct a variety of expenses, including transportation costs, lodging, and meals.
5. Advertising and promotion
The cost of advertising and promoting your business, such as print ads, online ads, and social media campaigns, can be deducted as a business expense.
6. Business insurance
The cost of business insurance, such as liability insurance or workers’ compensation insurance, can be deducted as a business expense.
7. Professional services
If you hire a lawyer, accountant, or other professional service provider for your business, their fees can be deducted as a business expense.
8. Bad debts
If you have outstanding debts from customers or clients that you are unable to collect, you can deduct these as a business expense.
9. Employee wages and benefits
The cost of wages, salaries, and benefits for your employees can be deducted as a business expense.
10. Charitable contributions
If you make donations to qualified charitable organizations, you can deduct these as a business expense.
These are just a few of the many small business tax deductions available. By taking advantage of these deductions, you can save money on your tax bill and keep more money in your pocket. Be sure to keep accurate records of all your business expenses and consult with a tax professional to ensure that you are maximizing your tax savings.
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