Tax Day is right around the corner! Make sure you don’t miss out on any last minute tax deductions by checking out our list of things you might not have even known you could write-off!
- Advertising/Marketing Costs:
Yes, you read that right! Advertising and Marketing expenses are deductible and seen as necessary for getting/maintaining business. Promote away!
- Charitable Donations
You might have already known that charitable donations are deductible, but don’t forget even the baking ingredients needed to make something for a charity bake sale can even be included.
- Child Care (Credit)
If you paid a daycare, nanny, babysitter or for a summer camp program for your child throughout the year while you were busy working on your small business, you might qualify for a child care tax credit for up to 35% of expenses.
- Home Office Expenses
Did you know that if you are self-employed and work from home you can deduct the space your home office takes up? There are stipulations and specific requirements so be sure to dig deeper if you think you would qualify for this deduction.
- Utilities
Utilities including electricity, gas, water, and internet can be business deductions if your small business is ran from your home. Keep in mind, you can only write off a percentage of these depending on your home office size etc.
- Office Supplies/Furniture
Get comfy in your home office knowing that your desk, chair, printer, computer, and monitor is fully tax deductible! These items can only be used for business purposes exclusively.
- Traveling For Business
Travel is often necessary and unavoidable part of business. Traveling whether it’s on a plane, train, bus, or car are all tax deductible. You can even deduct dry cleaning, food, and business calls while traveling. Be sure to keep a detailed record and all receipts. On a more local note, you could even keep track of mileage on your car as you drive to and from a client.
- Bank Fees
Ever have monthly service fees or transfer fees throughout the year for your business? These pesky fees along with check fees, overdraft fees, and annual credit card charges are all tax deductible for small businesses.
- Professional or Legal Fees
The IRS allows professional or legal fees to be deductible if they were ordinary and necessary to your business.
- Salaries and Benefits
Have employees working for your small business? The salaries and benefits for those individuals is tax deductible!
As always, be sure to consult a tax professional for all the stipulations and requirements necessary to qualify for these deductions. There are so many more deductions out there ready for your taking. Happy Tax Season!