What can I deduct?

Deductions For Small Business Owners

List of deductions to reduce your taxable income and not leave money on the table

The Most Frequently Asked Question, We Hear Time After Time From Creative Business Owners Is.…Can I Deduct This? Indeed, it is one of the most important questions to ask since deductions can help reduce your tax burden. As a small business owner, you should claim all of the tax deductions applicable to your business. The great news is that a lot of your business expenses are tax deductible- it is crucial to keep accurate record-keeping of your expenses- so you don’t lose track of what can be written-off during tax time.

Thanks to great applications like- Quickbooks, Wave, Xero (among others)... you can easily track your income and most importantly your expenses at a click of a finger. You can find more information about this topic in this IRS article. The list below are some of the most popular (not all) tax deductions for small biz owners.

If you have any questions about what you may or may not deduct- contact us!

List of Tax Deductions

1. Home office

2. Business use of your car

3. Professional services (lawyers, accounting fees etc)

4. Salaries & benefits

5. Office supplies & expenses

6. Startup expenses

7. Utilities

8. Business interest & bank fees

9. Business insurance

10. Education (conferences, seminars, workshops, online courses)

11. Depreciation & amortization

12. Travel & meal expenses

13. Contractor labor (coaches, virtual assistants, copywriters etc)

14. Rent & lease

15. Taxes & licenses

16. Telephone & internet

17. Retirement contributions

18. Advertising & marketing (Ads, business cards, email marketing such as: Mailchimp, Converkit etc)

19. Business furniture

20. Software subscriptions