Commissions on sales of securities by dealers in securitiesĨ9. Impairment or collapse of property IceĨ6. Cafeteria plan - requires written planħ8. Business taxes - except federal income taxesĦ9. Burglary losses not covered by insuranceĦ7. Building Expenses Used for Business DeductionsĦ4. Bonuses as additional compensation to employees. All meals and lodging if for employer’s benefitĥ2. Baseball/softball/ soccer team equipment for businessĤ9. Insurance premiums such as fire, theft, collision, liability, etc.Ĥ6. Damage to auto not covered by insuranceĤ0. Any other business - related legal activity Auto Expenses for Business Purpose Deductionsģ3. Collection actions taken against othersģ2. Drafting of agreements, resolutions, minutes, etc.ģ1. Attorney's fees and other legal expenses involving:Ģ9.
Alterations to business property, if minorĢ7. Christmas present to customers or prospects - de minims ruleĢ5.
Publicity - generally speaking, all costs incl. Contributions to various organizations for advertising purposesĢ2. Prizes & other expenses in holding contests or exhibitionsĢ1. Advances to employees canceled as bonusĢ0. Advances made to employees or salespeople where repayment is not expectedġ3. Accounts receivable, write-offs (accrual basis only)ġ2.Costs of defense against any IRS or state agency audits or challenges.Costs of investigation of any tax returns.Costs of preparing & filing any tax returns.Special little note! Not all of these may be available to your business – so contact us to discuss further! Auditing and Accounting Deductions So here they are, 300+ tax deductions that will make this tax year your best year yet. Because if there's one thing all business owners can agree on, it's that capital is the lifeblood of business. Don't be one of them-BOOKMARK THIS PAGE RIGHT NOW and check it once a year, a month, a week-whatever the heck you have to do to make sure you're doing everything you can to maximize deductions. If man's best friend is dog, then a business owner's best friends are tax deductions.Īs a cloud-based accounting solution, we see the sad tale of business owners during tax season who wish they could go back in time and implement the things they didn't know. Read on to see what's applicable to your business. This list of 300+ tax deductions will help you optimize your tax year and maximize your tax deductions. 300+ Deductions to Help you Reduce Your Small Business Taxes
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