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While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Whether you own a sole proprietorship, an LLC or a partnership, you can make your profits even sweeter with small-business tax deductions. If you are not fully aware of the long list of deductions that you can claim as a small-business owner, follow this guide to learn more before the next tax season.
From water to electricity to the telephone, all utility costs of your small business are tax-deductible. While your primary home landline is not deductible, any other phones your business might be using can get you tax deductions. All costs related to the marketing and promotion of your business are deductible. Expenses include everything from business cards and advertisements to logo design. Any insurance policy held by the small-business owner is tax-deductible. This includes health insurance, property insurance, business continuation insurance, liability coverage insurance, auto insurance , malpractice insurance, employee life insurance, business interruption insurance and compensation costs.
If you rent or lease your business property, the expenses could be eligible for deductions from your taxes. Also, if your business operates out of your house, you can consult the IRS website to find out if expenses such as mortgage, insurance or utilities are tax-deductible.
Small-business loans are common, but did you know that the interest could be a tax deduction? As long as the loan is from a legal, traditional lender and the money is used for covering business expenses, you could deduct the cost from your income tax. When you have a vehicle for business use, the costs can be deducted from your income tax as long as you keep track of the mileage. If you have only one vehicle and use it for both personal and business needs, you need to separate the mileage to be able to make a tax deduction.
You may also use the standard rate set by the IRS at 58 cents. If yours is a kind of business that manufactures goods or buys them for resale, you could make certain income tax deductions. The eligible deductions include the cost of raw materials, manufacturing and storage, and labor. The cost of leased equipment and machinery is deductible, whether it is a printer, a truck or a toolbox. However, since these are not one-time costs, they are usually deducted over many years rather than only in a single tax year.
You can check out this page for more information on Section tax deduction. These costs may be small but they are still related to your business and therefore, tax-deductible.
Items including pens, paper, notebooks, desks, chairs and the expenses of office supplies and furniture can be deducted from your taxes as long as you keep track of them. If your business requires you to travel frequently to seminars, trade shows, meetings or conventions, you can deduct these expenses from your taxes.
Hiring freelancers and independent contractors for your business is non-taxable. The salaries you pay your employees are completely tax-deductible, including commissions and bonuses. But if your business has LLC members, sole proprietors or partners, they are not considered employees, and the payments made to them are not deductible.
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