Education and training for your employees.Eating out while you’re traveling for business.Continuing education for yourself to maintain licensing and improve skills.Charity or traveling to perform charitable services.Charitable deductions made for a business purpose.Cafeteria health-insurance plan (requires plan).Business travel (here’s what you need to know!).(But if that gets cumbersome look for a good accounting solution, like ours, that can streamline the process for you.) Always note the business reason for the expense, even if you just write it on the back of a receipt. A shoebox full of receipts doesn’t quite cut it. For example, you may be tempted to deduct a home office, but won’t get very far if you also have an office at your place of business.Īs always, document, document, document. (If you’re an inDinero client, talk to your account manager!) And remember: Not every one of these will apply to you. But lucky for you, we’ve gone ahead and put it together for you! We uncovered 92 potential small business tax deductions-and 11 that you shouldn’t even think about claiming.ĭownload your copy of the Entrepreneur’s tax pack for 3 time-saving business tax resources.Įach tax deduction has its own specific rules, so consult an expert before you get too excited. In fact, tracking down the ultimate list of small business tax deductions is a grueling task that takes hours and hours of research. That is, unless you happened to be looking for a straightforward list of tax deductions for your small business. The IRS is uncharacteristically silent on this point. If you’ve ever dug through IRS.gov looking for an answer to your question, you likely came away with much more information than you could ever want. The IRS isn’t known for cutting to the chase.
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