Common Tax Deductible Business Expenses

Dec 27th, 2009 | By Samir | Category: Legal Talk

(No business will have all these expenses. Your business may have different categories of expenses. Don’t agonize over which category an expense belongs in.)

• Advertising
• Accounting/bookkeeping fees
• Bank service charges
• Car and truck expenses
• Client consultation and supervision fees (for therapists)
• Contract labor (outside services, subcontractors, etc.)
• Credit card fees
• Depreciation on assets used in the business
• Dues
• Entertainment/business meals
• Freight
• Insurance
• Interest on business credit cards and loans
• Inventory/merchandise purchases (items the business has available for sale to others)
• Legal and professional fees
• Magazines and books
• Maintenance and repairs
• Office supplies
• Online/internet fees
• Payroll taxes (only for businesses with employees and only the employer’s share of taxes—not the taxes withheld from the employee’s paycheck)
• Postage
• Printing and copying
• Rent/office in home expense
• Sales or excise tax (only for businesses that collect this tax)
• Small furnishings and equipment
• Telephone (including pager, answering service, and cell phone)
• Travel (outside normal business location)
• Utilities
• Wages (this refers to what is paid to employees, not to yourself or to independent contractors)
• Website hosting, creation, or maintenance fees

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