25 Small Business Tax Deductions

As a business owner, you understand that business expenses come up fairly frequently. We’re here to help you understand what you as a small business owner can actually write-off as a tax deduction that will help lower the amount of money you may owe on your income taxes.

25 Small Business Tax Deductions:

1. Business Meals
   1. You may deduct 50% of food and drink purchases that qualify.
2. Work-Related Travel Expenses
3. Work-Related Car Use
   1. You may only deduct the business usage of the vehicle.
4. Business Insurance
5. Home Office Expenses
   1. Home-based businesses and freelancers may deduct $5 per square foot of your home that’s used for business purposes.
   2. You may deduct up to 300 square feet total.
6. Office Supplies
   1. This includes postage and shipping costs.
7. Phone and Internet Expenses
8. Business Interest and Bank Fees
9. Depreciation:
   1. “Big Ticket Items” such as:
      1. a car and some type of machinery.
10. Professional Service Fees
11. Salaries and Benefits
12. Charitable Contributions
13. Education
14. Child and Dependent Care
    1. If your child(ren) is/are twelve years old or younger, you may write-off costs associated with their care.
15. Energy Efficiency Expenses
    1. You may claim 30% of the cost of alternative energy equipment for your home – this includes:
       1. solar water heaters, solar panels and wind turbines.
16. Investments
17. Foreign-Earned Income Exclusion
18. Medical Expenses
19. Real Estate Taxes
    1. Property taxes are included
    2. You may claim up to a total of $10,000.
20. Mortgage Interest
21. Moving Expenses
    1. Your new job must be at least 50 miles farther from your current home than your old job location was from your previous home.
22. Retirement Contributions
23. Advertising and Promotions
24. Client and Employee Entertainment
    1. You may deduct 50% of the cost of entertainment expenses and as much as 100% of the cost for social events held for your employees.
25. Start-Up Expenses
    1. You may deduct up to $5,000 in start-up expenses that you incurred during the lead up to your business launch.

At Ross Pitcoff Law, we provide comprehensive tax preparation services to help you complete your filing quickly and accurately. Our experienced team of tax professionals can assist with filing your return, ensuring you claim all available deductions and credits, and handling any disputes that may arise. We also offer tax planning services to help you save money and avoid any potential issues.

If you’re looking for an experienced and reliable tax preparer, look no further, email: ross@rosspitcofflaw.com, call: (646) 386-0990, or visit our website: www.rosspitcofflaw.com today. We would be happy to assist you.