10 Things You May Be Able to Deduct from Your Taxes


Running a business is serious business. There’s a lot that goes into it, from taking care of your employees, to ensuring that you have enough snacks to go around during a meeting. No one knows the tiny details that go into running the show until they actually have to do it themselves. Of the many things that run through their minds, business owners also have to deal with taxes. Nothing is certain except death and taxes, right? But it’s not all doom and gloom. You might be able to lighten your load by writing these 10 things off of your taxes.

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Advertising

It takes money to run a business, and it also takes money to promote a business. Many businesses spend thousands of dollars each quarter on getting the word out about their services. It seems counterintuitive not to write this on your tax return because it is, after all, a business expense. Advertising helps your business grow, but it shouldn’t be a pain in the neck later on when tax season rolls around.

Business Travel

You may travel a lot for business, or you may not travel at all, but this is definitely something everyone should write off. Travelling counts for a huge portion of business costs, not just for the employer, but also for the employee. If you’ve had to fly in several new hires to your business headquarters, you should definitely take those costs into consideration when doing your taxes. A single relocation costs several thousands, and that could mean more taxes for you.

Education for Employees

Every good business owner understands the importance of having a well-educated and competent staff. If your staff doesn’t know how to do their job, how is anything going to get done? Even the best employees can become stellar with a little extra education and training. But even that is not cheap. Writing off the cost to train your crew and further educate them can save you thousands in the long run along with improving productivity. This can also work for personal training, as well!

Equipment Repairs

If you work with an equipment-heavy business, repairing a machine you use daily can cost you a pretty penny. On top of that, these machines are likely going to need a speedy fixing, and that also adds onto your costs. Similarly, if you have to fix an office printer, it’s definitely going to set you back a few hundred dollars. Writing this off of your taxes makes your business investments, and cleanups, worth it in the end.

Moving Costs

Things happen, and you may have to pack up your whole business and move to a better location. You might find that your new location has better customer reception and opens up your business opportunities substantially. Still, it’s not easy or cheap to move, and just one move for a business can mean thousands of dollars out of the collective wallet. Moving costs aren’t nice, but you may catch a break by deducting them as a business expense.

Rent

Even if you’re not moving, it costs to have your business in a heavily populated and thriving portion of your city. More opportunities for customers mean more money out of your pocket for rent. Rent can easily set you back several thousands, and missing just one payment puts your whole business in jeopardy. It’s possible to get the most out of this payment by claiming it as a business expense during tax season. Uncle Sam may be a good landlord after all!

Dining and Office Food

As a business owner, you have to consider all costs when you take inventory of your expenses. That includes any office food or dining costs you deal with on a daily basis. Those office bagels you have ready for employees every morning? They don’t pay for themselves! You’re probably well aware of that, but your taxes aren’t. Writing this expense off makes for a happy boss (you save more money) and happy employees (they get their bagels).

Storage Rental

Let’s say you have run a business that doesn’t use all of its equipment all of the time. If you run a landscaping business, you won’t use your snowplow all year long, right? You can’t just leave it out in the open; you have to use some form of a rental storage area. Using a storage facility saves you lots of money from losing that equipment altogether, but it still costs to rent the place. Writing off this expense allows you to keep your equipment safe without breaking the bank on taxes.

Postage

If you run a shipping-heavy business, this one is for you. Running a product-based business that relies on getting the items out to your customers worldwide takes up a lot of money to get them from point A to point B. These costs, however small they are initially, can quickly add up to the thousands or even hundred thousands, depending on how heavily they’re used. The amount you pay for postage can also be written off of your taxes, so take advantage of that.

Losses

It’s never a good thing when your business takes a hit in any way. Theft, repairs, weather-related damage, and many other things can all be counted as a business loss. You shouldn’t have to lose twice when it comes to your business damage. You can write the costs of your damaged or faulty product off as a business expense, so you don’t have to feel that loss again during tax season. All of these, and many more, things can be written off as business expenses. Just be sure to speak to your accountant about the possibilities for your specific business.

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10 Things You May Be Able to Deduct from Your Taxes

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