77 Possible Business Tax Deductions

March 4, 2019pierreaccounting

Let’s set the Record straight. The key to minimizing your taxes isn’t necessarily in knowing all your tax deduction possibilities, but rather in good Record Keeping. With a well knowledgeable CPA, you don’t have to worry about being an expert in tax laws and business deductions. Keeping good records will ensure your CPA can maximize your return while minimizing your risk of an audit with the IRS.

A good CPA will suggest not just thinking about the bottom line, but the lines in between that get you to your bottom line. Any transaction executed by a business owner should always follow with the question- what business purpose can I assign for this expense? In other words, how can I maximize this expense?

Defined by Code Section 62, a valid write-off is any expense incurred in the production of income. Each deduction then has its own rules. Here are 77 possible tax deductions for your business to keep in mind. But don’t fret as long as you maintain good Record Keeping you don’t have to memorize them all – the good record keeping you keep will allow your CPA to find all the ways to write-off expenses.

77 Possible Business Tax Deductions

1. Accounting Fees
2. Advertising
3. Amortization
4. Auto Expenses
5. Banking fees
6. Board Meetings
7. Building repairs and maintenance
8. Business Travel
9. Business association membership dues
10. Charitable deductions made for a business purpose
11. Children on Payroll –
12. Cleaning/janitorial services
13. Cameras
14. Collection Expenses
15. Commissions to affiliates
16. Computers and tech supplies
17. Consulting fees
18. Continuing education for yourself to maintain licensing and improve skills
19. Conventions and trade shows
20. Costs of goods sold
21. Credit card convenience fees
22. Depreciation
23. Dining and Office food
24. Drones
25. Education and training for employees
26. Equipment
27. Exhibits for publicity
28. Franchise fees
29. Freight or shipping costs
30. Furniture or fixtures
31. Gifts for customers ($25 deduction limit for each)
32. Group insurance (if qualifying)
33. Health insurance
34. Equipment repairs
35. Health Reimbursement Arrangement
36. Health Savings Account
37. Home office
38. Interest
39. Internet hosting and services
40. Investment advice and fees
41. Legal fees
42. Leased Vehicle or equipment
43. License fees
44. Losses due to theft
45. Materials
46. Maintenance and janitorial
47. Mortgage interest on a business property
48. Moving
49. Newspapers and magazines
50. Office supplies and expenses
51. Outside services
52. Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes
53. Parking and tolls
54. Pass-Through 199A Deduction
55. Pension plans
56. Postage
57. Prizes for contests
58. Real estate-related expenses
59. Rebates on sales
60. Rent
61. Research and development
62. Rental Property –
63. Retirement plans
64. Royalties
65. Safe-deposit box
66. Safe
67. Spouse on Payroll
68. Social media advertising
69. Software and online services
70. Storage rental
71. Subcontractors
72. Taxes (Personal and Real Property)
73. Telephone
74. Utilities
75. Video equipment for business YouTube channel
76. Website design
77. Workers’ compensation insurance

Too often business owners are more concerned about the deductions they can take but don’t practice having legitimate proof for the deduction. Successful business owners and corporations are proficient at good Record Keeping and recognizing when expenses have a legitimate business purpose. So, it’s key to try to track every single expense related to your business and review them with your CPA at the end of the year.

Contact us to review your tax deduction possibilities and ensure you keep more money in your pocket and less in Uncle Sam’s.