300+ Deductions to Help you Reduce Your Small Business Taxes

This list of 300+ tax deductions will help you optimize your tax year and maximize your tax deductions. Read on to see what's applicable to your business.

If man's best friend is dog, then a business owner's best friends are tax deductions.  

As a cloud-based accounting solution, we see the sad tale of business owners during tax season who wish they could go back in time and implement the things they didn't know. Don't be one of them—BOOKMARK THIS PAGE RIGHT NOW and check it once a year, a month, a week—whatever the heck you have to do to make sure you're doing everything you can to maximize deductions. Because if there's one thing all business owners can agree on, it's that capital is the lifeblood of business. So here they are, 300+ tax deductions that will make this tax year your best year yet. Special little note! Not all of these may be available to your business – so contact us to discuss further!

Auditing and Accounting Deductions

1. Auditing of your books and accounts
2. Costs of bookkeeping
3. Costs of tax strategy preparation
4. Costs of preparing & filing any tax returns
5. Costs of investigation of any tax returns
6. Costs of defense against any IRS or state agency audits or challenges
7. Accounts receivable, write-offs (accrual basis only)

Advertising + Sales Deductions

8. Achievement awards (requires plan) 

9. Longevity award

10. Safety award

11. Sales award

12. Advances made to employees or salespeople where repayment is not expected

13. Advances to employees canceled as bonus 

14. Ad analytics

15. Premiums given away

16. Newspaper

17. Magazine

18. Radio

19. Other media

20. Prizes & other expenses in holding contests or exhibitions

21. Contributions to various organizations for advertising purposes

22. Cost of displays, posters, etc. to attract customers

23. Publicity - generally speaking, all costs incl. entertainment, music, etc.

24. Christmas present to customers or prospects - de minims rule

25. Alterations to business property, if minor

26. Amortization

27. Attorney's fees and other legal expenses involving:

28. Tax strategy

29. Drafting of agreements, resolutions, minutes, etc.

30. Defense of claims against you

31. Collection actions taken against others

32. Any other business - related legal activity

Auto Expenses for Business Purpose Deductions

33. Damage to auto not covered by insurance

34. Gasoline

35. Oil

36. Repairs and maintenance

37. Washing and waxing

38. Garage rent

39. Interest portion of payments 

40. Insurance premiums such as fire, theft, collision, liability, etc.

41. Lease payment

42. License plate

43. Driver's license fee

44. Depreciation

45. Wages of chauffeur

46. Bad debts. – if previously taken into income

47. Baseball/softball/ soccer team equipment for business

48. Board & room to employee:

49. All meals and lodging if for employer’s benefit

50. Temporary housing assignment

51. Board meetings

52. Bonuses as additional compensation to employees.

Building Expenses Used for Business Deductions

53. Repairs to building

54. Janitorial service

55. Painting

56. Interest on mortgage

57. Taxes on property

58. Water

59. Rubbish removal

60. Depreciation on building

61. Heating

62. Lighting

63. Landscaping

64. Burglary losses not covered by insurance

65. Business cost of operating office

66. Business property abandonment

67. Business taxes - except federal income taxes

68. Cable service – business use

69. Cafeteria plan - requires written plan

70. Capital asset sale - losses

71. Car & taxi fares

Casualty Damage Deductions

72. Bombardment

73. Fire

74. Storm

75. Hurricane

76. Drought Forest fire

77. Freezing of property

78. Impairment or collapse of property Ice

79. Heat

80. Wind

81. Rain

82. Charitable contributions

83. Checking account bank charges

84. Child care - requires written plan

85. Children's salaries

86. Collections expenses incl. attorney's fees

87. Commissions on sales of securities by dealers in securities

88. Commissions paid to agents

89. Commissions paid to employees for business purposes

Contribution Deductions (Deductible if Made to Organizations Founded for the Following Purposes, Subject to Some Limitations)

90. Religious-Charitable

91. Scientific

92. Literary

93. Educational

94. Prevention of cruelty to children and animals

95. Convention expenses, cost of attending conventions

96. Cost of goods

97. Credit report costs

98. Daycare facility

99. Depletion

100. Depreciation

101. Discounts allowed to customers

Dues Paid Tax Deductions

102. Better Business Bureau

103. Chamber of Commerce

104. Trade associations

105. Professional Societies

106. Technical Societies

107. Protective services association

 108. Education assistance – requires written

109. Embezzlement loss not covered by insurance

Employee Welfare Expense Deductions

110. Dances

111. Entertainment

112. Outings

113.  Christmas parties

114. Shows or plays

115. Endorser's loss

116. Entertainment expenses

117. Equipment, minor replacements

118. Equipment purchases - may require capitalization & depreciation

119. Equipment repairs

120. Exhibits and displays, to publicize your products

Expenses of any Kind Charged to Business Deductions

121. Renting of storage space

122. Safe deposit boxes

123. Upkeep of property

124. Books to record income and expenses or investment income

125. Experimental and research expenses

126. Factoring

127. Fan mail expenses

 128. Fees for passports necessary while traveling on business

129. Fees to accountants

130. Fees to agents

131. Fees to brokers

132. Fees to investment counsel

133. Fees to professionals for services rendered

134. Fees to technicians

135. Fire loss

136. Forfeited stock

137. Freight charges

138. Gifts to customers – limit $75

Gifts to Organized Institutions Deductions

139. Religious

140. Charitable

141. Scientific

142. Literary

143. Educational

144. Group term insurance on employees' lives

145. Guarantors loss

146. Health insurance

147. Heating expense

148. Hospitals, contributions to

149. Improvements, provided they are minor Insurance premiums paid

Interest on Loans for Business Deductions

150. On loans

151. On notes

152. On mortgages

153. On bonds

154. On tax deficiencies

155. On installment payments of auto, furniture, etc.

156. On margin account with brokers

157. Bank discount on note is deductible as interest

158. Inventory loss due to damages

159. Investment counsel fees

160. Lawsuit expenses

161. Legal costs

162. In defense of your business

163. In settlement of cases

164. Payment of damages

165. Lighting

166. Living quarter furnished employee for business’s benefit

167. Lobbying costs

Loss Deductions (Deductible if Connected With Your Business or Profession) 

168. Abandoned property

169. Account receivable

170. Auto damage caused by fire, theft, heat, storm, etc.

171. Bad debts.

172. Bank closed

173. Bonds

174. Building - damaged

175. Burglary

176. Business ventures Capital assets

177. Damages to property or assets

178. Deposit forfeiture, on purchase of property

179. Drought

180. Embezzlements

181. Equipment abandoned

182. Forced sale or exchange

183. Foreclosures

184. Forfeitures

185. Freezing

186. Goodwill

187. Loans not collectible

188. Theft

189. Transactions entered into for profits

190. Maintenance of business property

191. Maintenance of office, store, warehouse, showroom, etc.

192. Maintenance of rented premises

193. Management costs

194. Materials

195. Meals, subject to limitations

196. Membership dues

197. Merchandise

198. Messenger services

199. Moving costs

200. Musician expenses

201. Net operating loss - may be carried back to previous years' income for refund and / or forward against future years’ income

202. Newspapers

203. Office expenses, including:

204. Wages

205. Supplies

206. Heating and lighting

207. Internet service

208. Telephone

209. Repairs

210. Refurnishing, minor items

211. Decorating

212. Painting

213. Office rent

214. Office rent - portion of home used for business

215. Passport fees

216. Pension plans - must be properly drawn

217. Periodicals

218. Physical fitness center

219. Plotting of land for sale

220. Postage

221. Professional society dues

222. Property depreciation

223. Property maintenance

 224. Property repairs

225. Publicity expenses

Real Estate Expenses of Rental or Investment Property Deductions

226. Taxes of property

227. Insurance

228. Janitorial services

229. Repairing

230. Redecorating

231. Painting

232. Depreciation

233. Supplies

234. Tools

235. Legal expenses involving leases, tenants, or property

236. Bookkeeping

237. Property management

238. Utilities

239. Commissions to secure tenants

240. Maintenance - heating, lighting, etc.

241. Advertising for tenants

242. Cost of manager's unit, if on site and at employer's convenience

243. Rebates on sales

244. Refunds on sales

245. Rent settlement – cancel lease

Rental Property Expense Deductions

246. Advertising of vacant premises

247. Commissions to secure tenants

248. Billboards & signs

249. Rent collection expense

250. Business property

251. Parking facilities

252. Safe deposit boxes

253. Taxes paid by tenant for landlord

254. Warehouse and storage charges

Business Property Repair Deductions

255. Alterations, provided they are not capital additions

256. Casualty damages, replaced, provided they are not capital additions

257. Cleaning

258. Minor improvements

259. Painting

260. Redecorating

261. Repairing of furniture, fixtures, equipment, machinery, and buildings

262. Roof repairs

263. Royalties

264. Safe deposit box rental

265. Safe or storage rental

266. Salaries

267. Sample room

268. Satellite service – business use

Selling Expense Deductions

270. Commissions and bonuses

271. Discounts

272. Entertainment

273. Prizes offered in contests

274. Publicity and promotional costs

275. Rebates

276, Services, professional or other necessary

277. Social Security taxes paid by employers

278. Software

279. Stationery and all other office supplies used

280. Subscriptions to all trade, business, or professional periodicals

281. Supplies, office or laboratory

282. City gross receipts tax

283. City sales tax

284. State gross receipts tax

285. State sales tax

286. State unemployment insurance tax

287. Federal Social Security tax

288. State income tax

289. State unincorporated business tax

290. Real estate tax

291. Tangible property tax Intangible property tax

292. Custom, import, or tariff tax

293. License tax

294. Any business tax, as a rule

295. Auto registration tax

296. Safe deposit tax

297. Membership dues tax

298. Gasoline tax

299. Admission tax

300. Telephone

301. Traveling expenses (includes: meals, taxi fare, rail fare, airfare, tips, telephone, telegrams, laundry and cleaning, entertainment for business purposes)

302. Unemployment compensation taxes paid by employer

303. Uniforms furnished to employees 

304. Wages

305. Website hosting expenses

306. Workmen's compensation fund contributions

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