Finding Tax Deductions for Your Small Business
When you are a small business owner, every little bit counts, so by knowing what expenses you can deduct from your taxes, you are able to make your business even more successful. Sometimes the littlest things can be forgotten, but those things are often what can make the biggest difference for you and your business. Check out this list for small things you may be able to deduct to make a big difference this tax season!
- Your home office and business phone expenses. If you are using your home for office space and telephone service, you can deduct the portion of those expenses that are used for your business! Taking advantage of this deduction can reduce what you owe significantly!
- Office Supplies. The many supplies you use to run your business, such as paper clips, staples, pens, and paper, can be deducted to help you save a bunch!
- Entertaining Perspective Clients. When you have a business meeting with a prospective client over lunch or drinks, the meal is 50% deductible, so make sure to keep track of your business lunches so you can receive your deduction!
- Educational Expenses. From trainings and tradeshows to books and CDs to help train your employees, you can deduct any training material.
In order to make sure that your deductions go through, make clear definitions of work and home space, and stick to it. By keeping clear records of your business expenses, you can get the deductions you need.