Remember, as mentioned above, if you work from home, you’ll have to work through the rules of the home office deduction. The utilities you pay at your rented workspace are tax deductible. Office expensesĭid you pay a cleaner, install air conditioning, or do something else to maintain your office? That’s also deductible. Rent a workspace? Lease equipment? You can deduct these things as well. This deduction can be complicated, though, so check out our post on the home office deduction for more detailed information. If you use a portion of your home as an office, you can most likely deduct that expense. Business insuranceĭo you own a policy on your business or a piece of equipment? Those insurance costs are deductible. Here’s what the IRS has to say about employee-related deductions. You can deduct the amount you paid your employees, as well as their benefits (like insurance or nonprofit sharing plans). Check the IRS’s comprehensive guide to depreciating property. Depreciating assetsĪs assets (like equipment or office furniture) get wear and tear, they lose their value and can be a tax writeoff. Don’t forget, you should have also sent contractors form 1099-MISC if you paid them over $600.
Contract laborĭid you hire a contractor to build your website or handle some excess work? The fees you paid to contractors are generally tax deductible. Read our post on car and truck deductions for everything you need to know. Car and truck expensesĭo you drive a vehicle in the course of your business? These expenses should be deductible, but only with meticulous records. Common Small Business Tax Deductions Advertisingĭid you put up a website, buy business cards, or go all out on a billboard? You should be able to write off any advertising expense. Make sure you consult a professional regarding your unique business needs. This article is only for educational purposes and does not constitute legal, financial or tax advice. Bring each of these up with your accountant to see if you qualify so you can get as much money back as possible. To help out, we asked Jennifer Dunn, Chief of Content at TaxJar, to give us a quick checklist of everything you might be able to deduct as a small-business owner. Before you file your taxes, make sure that you’re taking advantage of all the (many) deductions you’re entitled to as a sole proprietor or single-member LLC.
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