Does Your Small Business Qualify for These Tax Deductions?

Does Your Small Business Qualify for These Tax Deductions?

On January 11, 2016, Posted by , In Bookkeeping, By ,,,, , With Comments Off on Does Your Small Business Qualify for These Tax Deductions?

As bookkeepers, we are constantly asked what can be written off. Surprisingly enough, the IRS does not have a master list they can give us. According to the IRS, to be deductible a business expense must be ordinary and necessary. In other words it must be commonly accepted in your trade, as well as helpful and appropriate to your business. We have gathered a list of possible deductions for your small business. When reviewing this list keep in mind that every expense is different, not all expenses are 100% deductible, personal expenses are exempt from deductions, and your situation may or may not qualify for a deduction. As always, discuss the following expenses with your bookkeeper to see if your specific situation qualifies for a deduction.

  • Accounting fees
  • Advertising/Marketing
  • Automobile maintenance
  • Banking fees
  • Maintenance and repairs
  • Business membership dues
  • Traveling expenses during a business trip
  • Charitable deductions for business purposes
  • Cleaning services
  • Computers and technology supplies
  • Consulting fees
  • Continuing business education such as classes, books, or renewal of licenses
  • Costs of goods sold
  • Employee training
  • Employee wages
  • Entertainment for clients
  • Equipment
  • Equipment repairs
  • Freight or shipping costs
  • Fuel
  • Furniture and fixtures
  • Customer appreciation gifts
  • Home office
  • Internet hosting
  • Insurance
  • Legal fees
  • License fees
  • Losses due to theft
  • Management fees
  • Moving
  • Newspaper and magazine subscriptions
  • Offices supplies
  • Payroll taxes
  • Parking
  • Petty cash and tips
  • Postage
  • Research and development
  • Software or online services
  • Storage
  • Subcontractors
  • Taxes
  • Telephone expenses
  • Utilities
  • Website design

Wilmington NC Bookkeeping

BOSS is a growing firm of local business advisers who are committed to providing responsive service, strategic thinking, and competitive pricing to our clients. If you’d like to learn more about running a small business or would like Wilmington NC bookkeeping give us a call at (910) 338-1198, stop by our new office located at 3901 Oleander Drive, Suite G in Wilmington, or click here to fill out our online contact form.  We look forward to hearing from you!

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