Always check with a tax professional before you take any list like this to heart. The reason is that there is no way that anyone can know what is deductible for your particular type of business. Some of these may be deductions you can take, but some may not be. However, this list is designed to help you get an idea of what might be possible.
- Advertising
- Business gifts
- Business meals
- Business use of your vehicle
- Charitable contributions
- Contractors
- Education
- Employees
- Events
- Fees
- Home office
- Interest
- Inventory
- Legal and professional
- License
- Marketing
- Medical
- Office supplies
- Postage
- Publications
- Software
- Subscriptions
- Supplies
- Taxes
- Technology
- Telephone
- Travel expenses
The key to whether an expenditure is deductible or not, is whether it’s a normal and regular business expense for your industry. That means other businesses like yours do it and expense it, because the item is needed in order to do business. It’s also important to stay up to date on changes in the tax laws, because things change constantly.
*This article is not intended to replace professional business advice and planning. Always contact professionals regarding any business advice, financials, planning, operations, and/or management.