TOP BUSINESS TAX DEDUCTIONS
Business tax deductions are expenses that a business can subtract from its taxable income, reducing the total amount of tax it owes. These deductions are vital for managing the financial health of a business and complying with tax regulations.
Office Supplies: Paper, pens, staplers, printer ink, and other consumables.
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Utilities: Electricity, water, internet, and phone services directly used for the business.
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Software Subscriptions: Expenses for accounting, project management, and other business-related software.
OPERATING EXPENSES
PROFESSIONAL SERVICES
Accounting and Legal Fees: Costs paid to accountants, bookkeepers, and lawyers.
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Consultants and Contractors: Payments to independent contractors or consultants.
Website Costs: Hosting, domain registration, and website development.
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Advertising: Online ads, social media campaigns, and print advertising.
MARKETING & ADVERTISING
BUSINESS TRAVEL & TRANSPORTATION
Travel Expenses: Airfare, lodging, meals, and transportation for business trips.
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Vehicle Expenses: Mileage, gas, and maintenance for vehicles used for business (deductions may vary depending on whether you use actual expenses or the standard mileage rate).
Salaries and Wages: Payments to employees.
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Benefits: Health insurance, retirement contributions, and other benefits.
Training and Development: Costs for employee training or certifications.
EMPLOYEE RELATED COSTS
Office Space: Rent for business premises.
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Equipment Leases: Payments for leasing machinery, computers, or other business tools.
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Augusta Rule (S-Corp):- Renting personal residence for 14 days or less.