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92 Small Business Tax Deductions

CHRISTMAS, HOLIDAYS & SPECIAL OCCASIONS

92 Small Business Tax Deductions


So far in this Ecommerce Tax Handbook we’ve covered sales tax, Amazon FBA, and tax law deadlines. Now we’re on to the fun stuff: deductions.

Taxes are business as usual, but so are a lot of other things. Small business in the U.S. are fortunate to have plenty of possible deductions to save money where they can.

Note that in order to use any of these deductions, you will need to prove the fees and cost. This means you need to keep receipts –– all of them, and in an organized fashion.

Also, always consult with a tax advisor on when to use these and if you can. We’ve linked to several sites documenting when each deductible may apply to you. Not all of them will –– and some of the rules for being able to use the deduction can get quite granular.

Always double check with a tax expert to make sure you are neither overpaying or underpaying.

92 Small Business Tax Deductions

  1. Accounting fees
  2. Advertising & marketing
  3. Amortization
  4. Bad debts that you cannot collect
  5. Banking fees
  6. Board meetings
  7. Building repairs and maintenance
  8. Business association membership dues
  9. Business travel (here’s what you need to know!)
  10. Cafeteria health-insurance plan (requires plan)
  11. Car expenses
  12. Charitable deductions made for a business purpose
  13. Charity or traveling to perform charitable services
  14. Cleaning/janitorial services
  15. Collection expenses
  16. Commissions to outside parties
  17. Computers and tech supplies
  18. Consulting fees
  19. Continuing education for yourself to maintain licensing and improve skills
  20. Contractors
  21. Conventions and trade shows
  22. Credit card convenience fees
  23. Depreciation
  24. Discounts to customers
  25. Eating out while you’re traveling for business
  26. Education and training for your employees
  27. Employee wages
  28. Employee benefits
  29. Entertainment for customers and clients
  30. Equipment
  31. Equipment repairs
  32. Exhibits for publicity
  33. Family members’ wages
  34. Franchise fees
  35. Freelancers
  36. Freight or shipping costs
  37. Furniture or fixtures
  38. Gifts for customers or employees ($25 deduction limit for each)
  39. Group insurance (if qualifying)
  40. Guard dog
  41. Gym for employees, located onsite
  42. Health insurance
  43. Home office (see our handy article)
  44. Insurance premiums for credit, liability, malpractice, worker’s comp, and other insurance
  45. Interest
  46. Internet hosting and services
  47. Inventory
  48. Investment advice and fees
  49. Legal fees
  50. License fees
  51. Management fees
  52. Materials
  53. Maintenance
  54. Medical expenses (with plan)
  55. Mortgage interest on business property
  56. Moving
  57. Newspapers and magazines
  58. Office supplies and expenses
  59. Outside services
  60. Payroll processing
  61. Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes
  62. Parking and tolls
  63. Penalties and fines paid for late performance or nonperformance of contracts
  64. Pension plans
  65. Permits and fees
  66. Postage
  67. Profit sharing
  68. Publicity
  69. Prizes for contests
  70. Real estate-related expenses
  71. Rebates on sales
  72. Rent
  73. Research and development (we literally wrote the guide on this one!)
  74. Retirement plans
  75. Royalties
  76. Safe-deposit box
  77. Safe
  78. Service fees
  79. Software and online services
  80. Startup expenses
  81. Stereo equipment for playing background music at work
  82. Storage rental
  83. Subcontractors
  84. Taxes (amazingly, taxes incurred in running your business are deductible)
  85. Telephone
  86. Theft and loss
  87. Tips. Just because you didn’t get a receipt doesn’t mean you can’t deduct the cost, but you should document it just the same.
  88. Uniforms for your employees
  89. Utilities
  90. Waste removal
  91. Website design
  92. Workers’ compensation insurance

11 Deductions to Avoid All Together

  1. A small business loan—but you can deduct whatever you purchase with the loan
  2. Business attire that you can wear outside of work (ie, non-uniforms)
  3. Contributing your time to charity
  4. Membership dues, even to a professional organization
  5. Federal income tax payments
  6. Your life and disability insurance premiums if you’re a sole prop., partnership, or S Corporation
  7. Lobbyists
  8. Penalties and fines you pay as the result of breaking the law
  9. Political contributions
  10. Professional accreditation fees
  11. Your own salary if you’re a sole proprietor

Questions, concerns or any other deductions we missed? Leave them in the comments below.



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