Don’t Overlook These Business Expenses!

Business owners — As we near the close of this tax season, it’s essential to take advantage of every opportunity to cut your tax bill and improve your bottom line.

Business owners can deduct business expenses from their income throughout the year. To qualify, an expense must be directly related to the business and considered ordinary and necessary in your industry.

Common Deductible Business Expenses:

• Home Office use: utilities, garbage, phone, internet, etc.
• Business travel: meals, transportation, hotel, taxi, etc.
• Entertainment expenses related to business
• Tools and supplies for work
• Business meals and entertainment
• Educational resources: classes, seminars, books
• Bank, ATM, and credit card fees
• Cell phone used for business
• Automobile use: mileage, gas, maintenance, insurance
• Health insurance premiums and medical expenses
• Professional publications, subscriptions, and memberships
• Computer equipment, software, accessories, web hosting
• Postage, shipping, and delivery costs
• Tax preparation and bookkeeping services

These expenses can add up quickly and significantly increase your tax savings. But they must be properly documented to hold up during an IRS audit.

Be sure to maintain meticulous records to ensure your deductions are valid and to avoid unnecessary IRS penalties and fines.

Please consult your accountant or certified bookkeeper to confirm which deductions apply to your business.