For ordinary expenses that are necessary for doing business, your company may be able to take some valuable tax deductions this year. Make sure to keep your business and personal expenses separate, and consider the following deductions to cut your company’s tax bill:
Legal Fees and Tax Preparation
Deduct the cost of preparing this year’s tax returns for your business as well as any legal services or consultations with your tax professional to discuss returns. These are considered normal and deductible operating expenses.
Don’t forget that you can also deduct the cost to advertise and market your company, business, or brand. After all, this is how you will attract new patrons as well as maintain a loyal consumer audience- without these, your business will falter.
Also, the cost of your technology like your phone laptop, or iPad is another deductible expense. Software or special programs used in your business may also be deductible at tax time.
Business Vehicle Usage
Do you use a car or truck for business? Don’t forget to deduct your business vehicle usage at the end of the year check the standard mileage rate as it changes and fluctuates annually and be wary of new restrictions this tax time.
If you have a business, you likely have insurance costs. Some types of insurance that you can deduct at tax time include workers comp, group health insurance, employee life insurance, and other business-related insurances. Talk to a tax preparation professional to learn more.
You can also deduct the cost of a lease for things like office space or equipment at tax time. Do you lease a vehicle for work? Depending on the purpose in terms of your lease, this may also be a deductible business expense.
Keep your receipts for office supplies and materials including simple things like pens, paper, and ink for your printer- they are all deductible. Some other deductible supply expenses include phone systems, Internet hosting fees, and more.
Don’t miss out on valuable deductions for your company when preparing your taxes next year. Need money to take your business forward? Talk to the professionals at Means Commercial Capital about alternative lending sources for small businesses and brands.