Business Accounting: What Business Expenses are Tax Deductible?

Today, most business owners don’t take full advantage of available deductions on their taxes. One of the reasons this happens is because most small business owners aren’t aware that they can deduct certain things on their taxes. As we move closer to tax season, our business accounting team wants you to be aware of the following expenses you can deduct on your business’ taxes:

• Startup and organizational costs for your new business
• Factory overhead, storage, and the cost of products for new inventory
• Utilities used to keep your office, retail location, warehouse, or other business property running
• The rent you pay on your business property
• Any expenses you incur to keep your business’ vehicles up and running
• Any money you spend on new office supplies or furniture
• Money you spend on software subscriptions
• Expenses you incur for advertising and marketing
• Business entertainment and travel expenses
• Interest payments on any small business loans you have
• Bad debt
• Expenses you incur to keep your business accounting and finances maintained

Identifying all of these deductions and then properly recording them can take a significant amount of time. Instead of trying to find all of these deductions on your own and apply them to your taxes this year, entrust this process to our business accounting team.

We want to help you properly file your business taxes to avoid an audit, pay less on your taxes overall, and help you feel confident about your tax situation this year and in the years to come. For more information about our business accounting solutions, reach out to us today.