There are many tax deductions you can take advantage of that you might not have considered. Here are 45 lucrative small business tax deductions.

There are many tax deductions you can take advantage of that you might not have considered. Here are 45 lucrative small business tax deductions.

 

Making tax mistakes can cost you and your small business a lot of money, stress, and time. Tax mistakes and IRS fees are very expensive. We’ve written before on the true cost of tax mistakes, but this time we want to share with you some of the ways you can save money on your taxes. There are many tax deductions you can take advantage of that you might not have considered.

The trick to getting any of these small business tax deductions is to keep meticulous records of your expenses – both business and personal. Yes, you can save money on your taxes for both personal expenses and business expenses if you meet certain criteria. Keep reading to find out what those are.

Top 45 Small Business Tax Deductions

  1. Accounting fees
  2. Worker’s compensation insurance
  3. Business association membership dues
  4. Donations to business organizations
  5. Business use of your car (payments, insurance, gas, and maintenance)
  6. Business trips
  7. Employee wages, benefits, and bonuses
  8. Employee education and training
  9. Meals and lodging provided to your employees
  10. Your business’ rent
  11. Taxes on leased business property (deducting property taxes as additional rent)
  12. Improvements to leased business property
  13. Franchise fees
  14. Depreciation on assets (such as cars used for your transportation business)
  15. Business use of your home (mortgage interest, insurance, utilities, and repairs)
  16. Indian Employment Credit
  17. Empowerment Zone Employment Credit
  18. Gifts to customers ($25 limit)
  19. Uniforms for your employees
  20. Disabled access
  21. Employee childcare
  22. Work opportunity credit (for hiring from targeted groups)
  23. Operating in a hurricane disaster zone or disaster area
  24. Business insurance
  25. Legal and professional fees (even for your tax accountant!)
  26. Interview expenses
  27. Energy efficient commercial buildings deduction expenses
  28. Licenses and regulatory fees
  29. Subscriptions to trade or professional publications
  30. Outplacement services
  31. Penalties and fines you pay for late performance or nonperformance of a contract
  32. Supplies and equipment
  33. Part of your personal phone bill when used for business calls
  34. Health care premiums (as a sole proprietor)
  35. Bank fees
  36. Employee pension plans or profit sharing
  37. Advertising costs
  38. Certain business start up expenses
  39. Cost of goods sold
  40. Theft and loss
  41. Freelancers/contractor labor
  42. Professional services and consultants
  43. Moving your business (more than 50 miles)
  44. Intellectual property expenses (copyrights and trademarks)
  45. Interest accrued on business loans (Need a business loan? Contact us today)

Hopefully your small business qualifies for many of these small business tax deductions.

Remember to talk to your certified accountant before attempting to deduct any of these – we are not tax professionals and are not offering tax advice. If you need help doing your taxes or would like free tools, check out these 5 affordable tax tools.

 

For information about Opportunity Fund’s small business loans, please contact us at 866-299-8173 or loans@opportunityfund.org.  For questions about your existing loan or other customer service questions, please contact us at 866-299-8173 or sbhelp@opportunityfund.org.

Loans are subject to credit review. Additional documentation may be required for credit approval. We are an Equal Opportunity Lender. Loans will be made or arranged pursuant to California Department of Corporations Finance Lenders License #6050609.


Opportunity Fund is tackling economic inequality so that hard work and perseverance means a shot at getting ahead, not just struggling to get by. Our programs are supported by a community of donors and investors whose contributions help to fund small businesses, support college students, and build stronger families and vibrant neighborhoods. Since 1994, the team has deployed $600 million and helped 20,000 families earn, save and invest in their own futures. Opportunity Fund has earned a 4-star rating from Charity Navigator, America’s largest independent charity evaluator, for our commitment to accountability and transparency.

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