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Top 10 deductions for small businesses

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For many small business owners, the thought of tax season can send a chill down your spine. With just a few employees, a lot on your plate and a whole bunch of numbers to crunch day in and day out, the last thing that any small business owner wants is more paperwork.

Unfortunately, the combination of a time crunch, an overwhelming to-do list and unawareness of the options available has left many small business owners paying more than necessary come tax time. You work hard to keep your business afloat, and you spend your days making the types of decisions that can make or break your rising company. Don’t let tax season break your stride. With the help of a trained tax specialist, you can find deductions for your small business you never even knew about, and go on focusing on what matters most—helping your business grow.

Here are the top 10 deductions that all small business owners should be aware of:

  1. Home office deduction. Do you work from home? If you have a dedicated office space in your home where you run all or part of your business, then you can likely deduct the expenses involved in keeping that office afloat (i.e. electricity, internet, mortgage payment).
  2. Charity contributions. You can donate to charities on behalf of your company, and that contribution becomes a deductable expense.
  3. Travel costs. Just about every small business needs to take matters out of town every once in a while. Keep all of your receipts! There is a chance those travel expenses are deductable.
  4. Health insurance. Those who are self-employed can deduct their health insurance costs.
  5. Employee healthcare. As long as you are paying at least half of your employee’s health insurance premiums, you may be able to deduct at least 35 percent of your output.
  6. Automobile. Every small business needs reliable transportation. As a small business you will be able to deduct expenses associated with a company car. Talk with your tax specialist to learn more about what qualifies as a company car.
  7. Advertising expenses. Certain marketing tactics like radio advertisements, business card production and print advertisements are often deductable.
  8. Software updates. Software is what keeps many small businesses running. If your purchase and use software within one calendar year than it may be deductable.
  9.  Equipment costs. What is a small business without a powerful computer? Or a copy machine? You may be able to deduct the costs associated with purchasing and updating equipment in your office.
  10. Office supplies and furniture. Aside from the large equipment costs, you can also deduct expenses associated with general office supplies like pens, paper and ink. If you’ve purchased office furniture for business purposes you can also deduct that expense in the year of purchase.

These are just a few of the deductions available to many small business owners. These deductions can be difficult to navigate, but can be a huge boost to your business come tax season. For more information about the discounts your small business is eligible for, contact us.

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