25 May 2019 by

Small Business Tax Deductions

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
Filed Under: -FINANCE, Accounting, Bookkeeping, Business, Tax Preparation
15 Jul 2014 by

Maddie Brown the Conscious Business CPA and Virtual CFO

What is Conscious Business and a Virtual CFO?

Learning how to do Conscious Business will allow your business to grow almost effortlessly because you are growing with good intentions.

As a business owner, you have more important things to do with your time. Maddie and her team can help you no matter where you live or what hours you work, just select the package below that best fits your needs.

THE VIRTUAL CFO
As a business owner, you have more important things to do with your time. Maddie and her team can help you no matter where you live or what hours you work, just select the package below that best fits your needs.

WEBSITE: http://www.maddiebrown.com/


MEET MADDIE BROWN

Hello – my name is Maddie Brown and I’m a Certified Public Accountant (CPA) with 30+ years of experience working with small businesses.

I have a passion for helping entrepreneurs fulfill their dreams to create and build a successful business. My services give the tools to save time and money and reduce stress that usually comes with being self-employed.

What’s my story?

By helping business owners carry out their purpose, I fulfill mine. I quickly discovered big business wasn’t for me after I graduated from college and went to work for one of the largest public accounting firms in the country. Soon I shifted gears and worked with small businesses at local, public accounting companies. After I made a first attempt at starting my own accounting firm, I realized I didn’t have the experience yet so I went back to work in public accounting serving small businesses.

I joined the Iowa Department of Revenue as a trainer and educator. Here I taught classes for small business owners on how to properly run their businesses while being in compliance with the tax laws that overwhelmed and confused them. I had an innate ability to take the complex and bring it to an understandable and manageable level. Teaching came naturally to me and I discovered that I loved helping people!

Eventually, I was given the opportunity to purchase an accounting practice for sale near my home. I took the steps needed to buy it and pursue my dream knowing I had the experience and the drive to make it successful.

I am so grateful to be where I am today and sharing my gifts. My business makes a positive contribution to the lives of everyone associated with it; from local to virtual clients, employees and the community. I truly love what I do.

Feel free to contact me through Facebook, e-mail, or at one of the locations listed below. Better yet, contact us today!

Thank you for your time,
Maddie Brown

 

WEBSITE: http://www.maddiebrown.com/

 

You can also learn more about Business Education through the 21 Step Business Course offered by BRAD “MagicBrad” GUDIM at:  www.MagicBradPresents.com

SEE ALSO: http://www.MySynergyCafe.com

 

Filed Under: -CAREER, -FINANCE, Accounting, Bookkeeping, Entrepreneurship, Money Management
12 Apr 2014 by

TaxBot APP – One Touch Tax Relief for Entrepreneurs

As an entrepreneur, how do you find tax relief in your business?

The strategy of tax relief is legal and smart business.

Learn about the Taxbot. The mobile app for small business owners that will help you lower your taxes and ensure that your records are bulletproof against an IRS audit. Also get tax tips from Sandy Botkin.

Paying taxes are a patriotic obligation, however our country was built not only off patriotism, but also capitalism, and when we are blessed with tax deductible business expenses and these deductions are within the tax laws, then it is not only legal but also smart business.

These are some of the advantages of being self-employed.

I’m not a tax professional nor do I claim to be. This is why I delegate the complex project of tax preparation to my accountant.

As always, if you have questions or need clarification on any of the information you see here in the Synergy Lifestyle Academy, please feel free to contact me.

 

FINANCE Top 10 Missed Tax Deductions for Business

Filed Under: -FINANCE, Accounting, Bookkeeping, Tax Preparation