Maxing out Your Tax Deductions as a Business Owner

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February 1st officially marked the beginning of tax season. Being a business owner allows you to claim many deductions. If you are not a business owner yet, take a look at all the potential deductions you can claim on your yearly taxes!

  • A portion of your rent/mortgage and utilities
  • Office supplies
  • Car expenses (car note, insurance, maintenance, parking)
  • Conferences and professional membership fees
  • Travel and lodging expenses related to attending conferences
  • Dining expenses while traveling
  • Business attire
  • Personal grooming costs (haircuts, manicures, etc)
  • Entertainment costs for potential clients and customers
  • Advertising costs
  • Insurance (Health, dental, property, etc)
  • Losses- debt that you could not collect from customers
  • Legal fees
  • Employee wages
  • Website hosting and website
  • Business start-up costs
  • And much, much more!

This list isn’t all-inclusive, this is just what I can think of off the top of my head. Get a good accountant that can help you maximize your business status during tax season. The bottom line is, the more you deduct, the less your yearly income-meaning the less tax you pay! If this doesn’t motivate you to start your own business, I don’t know what will!

#Tax #business #Deductions

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