10 Tax Deductions To Do Now That Will Save Your Small Business Money This Tax Season

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The deadline to file your taxes is just days away, but there’s still time to reduce your bill. Here we run through the tax deduction write-offs small businesses sometimes overlook. Have you missed any of them?

✈️ Business Trips 

As well as travel expenses such as gas or flight tickets, you can also write off parking fees, cab fares, conference tickets, lodging and tolls. For these expenses to count, you need to have travelled outside your area or city, and been away for more than one working day.

🍲 Meals

Entertaining clients or even buying pizza for your team when they are working late can be deducted - although sometimes only up to 50%. Food you buy for an office party, however, is 100% deductible 🥳 

🚙 Vehicle Expenses

If you have a car that you use purely for business, you can write off the expenses it generates. If you use it for both business and personal use, you can still write off a proportion of those expenses. 🚗Tip: The IRS standard mileage rate is $0.58 cents per mile

🩺 Insurance

Business insurance, renter’s insurance, vehicle insurance, and more can all be included on your tax return.

👩 Professional Services

 Any professional service can be written off as a tax deduction. Consulting, bookkeeping (that includes Fincent!), and legal fees can all be included. 

✏️ Office Expenses

Stationery, rent, furniture, laptops, printers, and other office supplies, plus the cost of maintaining a home office are all deductible. You can only claim for a home office if you have no alternative workspace.

📱Communication and Energy Bills

Operating without mobile and internet access would be all but impossible! Power in your office or factory is also a necessity. And, you can make changes to make the space more energy-efficient. These expenses can be deducted.

🤝 Charity

Any charitable contributions or donations your company makes to qualifying organizations can be written off.

Marketing Expenses

From online ads to hiring an external marketing professional, marketing and promotional expenses can be used as tax deductions.

📙 Union Dues and Fees

If you are part of a union, the dues and fees are deductible, along with any associated travel and training costs.

With all of these expenses, it’s important to include documentation and receipts. 

If you’re unsure about which business expenses to write off, consider hiring a professional CPA who can help you manage and file your taxes. Or, find out how Fincent is helping small businesses like yours file accurately, efficiently, and on time. Hiring a professional can save your business from overpaying taxes.  

Fincent: Your Business's Personal Financial Wizard - From Bookkeeping to Tax Filing

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