92 Small Business Tax Deductions to Use Now (+11 You Should Never Try)
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Taxes are business as usual, but so are a lot of other things. Small business in the U.S. are fortunate to have plenty of possible deductions to save money where they can.
Note that in order to use any of these deductions, you will need to prove the fees and cost. This means you need to keep receipts – all of them, and in an organized fashion.
Also, always consult with a tax advisor on when to use these and if you can. We’ve linked to several sites documenting when each deductible may apply to you. Not all of them will –– and some of the rules for being able to use the deduction can get quite granular.
Always double check with a tax expert to make sure you are neither overpaying or underpaying.
Cafeteria health-insurance plan (requires plan)
Charity or traveling to perform charitable services
Commissions to outside parties
Computers and tech supplies
Continuing education for yourself to maintain licensing and improve skills
Exhibits for publicity
Freight or shipping costs
Furniture or fixtures
Gifts for customers or employees ($25 deduction limit for each)
Group insurance (if qualifying)
Gym for employees, located onsite
Insurance premiums for credit, liability, malpractice, worker’s comp, and other insurance
Internet hosting and services
Investment advice and fees
Medical expenses (with plan)
Newspapers and magazines
Penalties and fines paid for late performance or nonperformance of contracts
Permits and fees
Rebates on sales
Software and online services
Stereo equipment for playing background music at work
Theft and loss
Tips. Just because you didn’t get a receipt doesn’t mean you can’t deduct the cost, but you should document it just the same.
Uniforms for your employees
A small business loan—but you can deduct whatever you purchase with the loan
Business attire that you can wear outside of work (ie, non-uniforms)
Contributing your time to charity
Membership dues, even to a professional organization
Federal income tax payments
Your life and disability insurance premiums if you’re a sole prop., partnership, or S Corporation
Penalties and fines you pay as the result of breaking the law
Professional accreditation fees
Your own salary if you’re a sole proprietor
Questions, concerns or any other deductions we missed? Leave them in the comments below.
Melissa Hollis is the marketing content manager and educator at inDinero, an accounting and tax software+service for small to medium size businesses. She is a lover of all things entrepreneurial and enjoys waking up every day with the chance to enable the dreams of aspiring business owners through her writing.