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Let’s focus on the deductions that can make a real difference for your business. Here are the 25 most common business deductions we are able to get for our business clients:
- Office rent and lease
- Salaries and wages
- Employee benefits (health insurance, retirement contributions)
- Marketing and advertising expenses
- Office supplies and equipment
- Travel expenses (including partial leisure for business trips)
- Business meals
- Vehicle expenses
- Professional services
- Software and subscriptions
- Phone and internet
- Utilities
- Depreciation
- Home office deduction
- Continuing education and training
- Business insurance
- Interest on business loans
- Charitable contributions
- Licenses and fees
- Memberships
- Bad debt write-offs (based on accounting method)
- Taxes and business licenses
- Repairs and maintenance
- Moving expenses for business purposes only
- Research and development
Reminder from our CPAs: There are provisions and requirements for each and every one of these deductions. Make sure you qualify and are following IRS rules if you are claiming these deductions.
Maximizing Your Deductions
- Ensure your bookkeeper or accountant understands your operations — deductions vary by business type.
- Timely tax planning can help you claim deductions at the optimal time.
- Accurate and organized financial records make it easier to claim all allowable deductions and reduce taxable income.
Need help identifying which deductions apply to your business? Email us at info@akcpa.com — we’re here to help you maximize your tax savings.
