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What Are Some Tax Deductions That You Can Take Advantage of?

July 11, 2022 by nicolea.co2000@gmail.com Leave a Comment

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. 

 

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