I get asked all the time. Can I take that as a business expense? Don’t leave money on the table. Take advantage of all the deductions the government allows. Ask yourself these questions when thinking about a deduction.
Is it Ordinary? Is it Necessary? Is it Reasonable?
Here’s a list of the top business expenses you can deduct from your taxes.
- Advertising/Marketing
- Bank Fees
- Car/Truck Expenses OR Mileage (consult with your CPA or tax preparer)
- Charitable Contributions
- Commissions or Contract Labor – make sure they get a 1099-NEC
- Continuing Education or Training
- Depreciation (consult with your CPA or tax preparer)
- Dues and Subscriptions
- Home Office Expenses and Office Supplies
- Interest paid
- Legal and Professional Services
- Licenses or State fees
- Meals (consult with your CPA or tax preparer)
- Phone – Cell Phone and Internet Wifi cost
- Postage
- Rent/Lease Payments
- Repairs & Maintenance
- Retirement Plans (consult your CPA or tax preparer)
- Taxes
- Travel
This is just a high-level list to get you started. Please consult your CPA or tax preparer on the details of your business.
Note: Mileage rates change yearly, and the meal deduction has special rules.
I would love to connect with you and hear more about your business. You can either email me at NicoleA.CO2000@gmail.com or schedule a meeting with me via phone or zoom at https://calendly.com/excelbook. I look forward to hearing from you soon.