Tax Deduction Tips for the Small Business Owner

Tax Deduction Tips for the Small Business Owner

As the end of 2o11 draws (already!) to an end, you should begin to think about the ways to save your company money by reducing your tax liability.  Don’t let money saving opportunities slip by because you are unaware of the types of tax deductions you may claim for your business.  The following is a general list of deductions to consider claiming for your business.  Be sure to check on specific criteria before making a claim in any of these general areas:

  1. Auto Expenses
  2. Travel
  3. Entertainment (can claim 50%)
  4. Continuing Education
  5. Cost to Move/Relocate
  6. Software
  7. New Equipment
  8. Advertising
  9. Charitable Contributions
  10. Taxes
  11. Interest on Credit
  12. Legal & Professional Fees
  13. Office Furniture and Office Supplies
  14. Licenses and Fees
  15. Dues and Fees
  16. Insurance
  17. Utilities
  18. Telephone Service
  19. Employee Wages, Pensions, and Benefits
  20. Costs of Postage, Delivery, Printing, and Copying
Increase these deductible expenses now before then end of the year.  Another way to save, if your business is able, is to defer payments due until 2012 in order to reduce the amount of taxable income you have on record for 2011.  We hope these tips help get you thinking about the many different deductible expenses your business incurs everyday!
Photo courtesy of Arvind Balaraman

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