Claim your deductions! The 10 Purchases You Didn't Know Were Tax Deductible.
Tax time for many small business owners can be a stressor or a benefit to the overall bottom line. When it comes to filing taxes and looking for ways to reduce the tax liability, finding deductions in the day to day operations is vital. Most business owners know the common deductions such as office supplies, advertising and phone use- to name a few. There are however some deductions you may not know about! In this post we will cover the 10 deductions you didn’t know were tax deductible (in no particular order).
There you have it- the top 10 purchases you make that may be deductions at tax time. While this list doesn’t cover them all, this is a good reminder to always consult with a tax professional like PKJ Consulting to ensure you are getting your maximum deductions. If you’d like to learn more or connect with our team feel free to reach out to us HERE and we will be happy to assist!
Tax time for many small business owners can be a stressor or a benefit to the overall bottom line. When it comes to filing taxes and looking for ways to reduce the tax liability, finding deductions in the day to day operations is vital. Most business owners know the common deductions such as office supplies, advertising and phone use- to name a few. There are however some deductions you may not know about! In this post we will cover the 10 deductions you didn’t know were tax deductible (in no particular order).
- Local transportation
- Travel away from home
- Commissions paid to subcontractors
- Depreciation
- Business insurance
- Interest expense
- Rent expense
- Repairs
- Health insurance
- Internet/computer use
There you have it- the top 10 purchases you make that may be deductions at tax time. While this list doesn’t cover them all, this is a good reminder to always consult with a tax professional like PKJ Consulting to ensure you are getting your maximum deductions. If you’d like to learn more or connect with our team feel free to reach out to us HERE and we will be happy to assist!