75 Items You May Be Able to Deduct from Your Taxes


You could save a bundle this year if you carefully consider your business expenses for possible deductions for taxes.

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Benjamin Franklin said it best when he coined the phrase, “A penny saved is a penny earned.” 

Many business owners take years to understand that taxes are one of their biggest costs, and it really doesn’t take a lot of effort to make sure you aren’t missing something on your taxes.

Before setting forth my list of the top 75 deductions/strategies, allow me to make an important point: You are the captain of your own ship. You don’t have to be an accountant to manage your accountant. Make sure you have a regular conversation with your tax preparer and discuss these items.

Your accountant should be suggesting these to you … and they should be trying to find ways to write-off expenses — not just telling you no and talking down to you. Use this list as a discussion point and make sure you have the right person helping you with your taxes.

Consider this list of 75 possible tax deductions for business owners. It’s just a start and not every one of these items is always a viable deduction, but certainly worth a discussion.

75 possible tax deductions (plus two bonus deductions)

  1. Accounting fees
  2. Advertising
  3. Amortization
  4. Auto Expenses – Article and Video
  5. Banking fees
  6. Board Meetings – Article and Video
  7. Building repairs and maintenance
  8. Business Travel – Article and Video
  9. Business association membership dues
  10. Charitable deductions made for a business purpose
  11. Children on Payroll – Article and Video
  12. Cleaning/janitorial services
  13. Cameras
  14. Collection Expenses
  15. Commissions to affiliates
  16. Computers and tech supplies
  17. Consulting fees
  18. Continuing education for yourself to maintain licensing and improve skills
  19. Conventions and trade shows
  20. Costs of goods sold
  21. Credit card convenience fees
  22. Depreciation
  23. Dining and Office food – Article and Video
  24. Drones
  25. Education and training for employees
  26. Equipment
  27. Exhibits for publicity
  28. Franchise fees 
  29. Freight or shipping costs
  30. Furniture or fixtures
  31. Gifts for customers ($25 deduction limit for each)
  32. Group insurance (if qualifying)
  33. Health insuranceVideo
  34. Equipment repairs
  35. Health Reimbursement Arrangement – Article and Video
  36. Health Savings Account – Article and Video
  37. Home officeArticle and Video
  38. Interest
  39. Internet hosting and services
  40. Investment advice and fees
  41. Legal fees
  42. Leased Vehicle or equipment
  43. License fees
  44. Losses due to theft
  45. Materials
  46. Maintenance and janitorial
  47. Mortgage interest on business property
  48. Moving
  49. Newspapers and magazines
  50. Office supplies and expenses
  51. Outside services
  52. Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes
  53. Parking and tolls
  54. Pass-Through 199A Deduction
  55. Pension plans
  56. Postage
  57. Prizes for contests
  58. Real estate-related expenses
  59. Rebates on sales
  60. Rent
  61. Research and development
  62. Rental Property – Article and Video
  63. Retirement plansArticle and Video
  64. Royalties
  65. Safe-deposit box
  66. Safe
  67. Spouse on Payroll – Article
  68. Social media advertising
  69. Software and online services
  70. Storage rental
  71. Subcontractors
  72. Taxes (Personal and Real Property)
  73. Telephone
  74. Utilities
  75. Video equipment for business YouTube channel
  76. Website design
  77. Workers’ compensation insurance

Surprisingly, there isn’t some master list included in the Internal Revenue Code or provided by the Internal Revenue Service. There is simply the tax principle, set forth in Code Section 62, which states a valid write-off is any expense incurred in the production of income. Each deduction then has its own rules.

A good CPA should be teaching their clients to think above the line — that is, your Adjusted Gross Income (AGI) line. Your AGI is the number in the bottom right-hand corner on the front page of your tax return. Any tax return. And what I mean by thinking above this line is constantly trying to think of any and all personal expenses that may have a business purpose. With a small-business venture in your life and on your tax return, you may be able to convert some personal expenses to business expenses, as long as you have the proper business purpose for that expense.

Seasoned business owners become proficient over the years at keeping good records and realizing when expenses have a legitimate business purpose. For some, this thought process becomes so ingrained that it becomes almost impossible to buy something without first considering a tax purpose for that item or service.

In sum, try to track every single expense related to your business and comb over them with your CPA at the end of the year to ensure you only take legitimate deductions. Good record keeping and thoughtful consideration will minimize your risk of an audit if the IRS ever comes knocking.



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