5 Amazing Small Business Tax Write-Offs
Finding small business tax write-offs can help you significantly lower the amount of money that you pay in taxes each year. While most people know about normal tax write-offs, such as vehicle mileage or supplies, there are some other deductions that you may not know about. Here are a few things that you can write off as part of owning a small business.
1. Books and Periodicals
A few things that many people have no idea you can deduct are books, newspapers and magazines. As long as they are related to the trade that your business is in, you should be able to deduct them. These would fall into the category of business expenses.
2. Bank Fees
Any ATM fees, bank fees, or credit card charges can be deducted. These fees must be incurred on your business accounts.
3. Cleaning Service
If you pay a janitor or cleaning service to clean your business, you can deduct the cost from your taxes.
4. Coffee and Snacks
If you offer your employees free coffee and snacks, this can be deducted as a business expense. This would fall into the category of office expenses.
5. Company Parties
If you have a company party where all of your company employees are present, you can deduct the entire cost of the party.
Is auto insurance a small business write off?
When trying to do your taxes, coming up with as many small business tax write offs as possible can be helpful. One question that many people have is if they can deduct their auto insurance premiums on their taxes as a business expense. If you use the car for only personal trips, then you cannot deduct any
part of your premiums. However, if you use the car for a combination of work and personal uses, then you can deduct the portion of the premiums that would apply to business purposes. If your employer makes you use your car for work, you could also deduct part of the premiums.
Can company cars be small business tax write offs?
One of the areas that most people are confused about when it comes to small business tax write offs is company car deductions. If you provide a company car for your business, you should be able to get some tax deductions associated with it. You have two options when it comes to deducting something for your company car. You can take a standard mileage deduction, or you can deduct a portion of all of the expenses associated with the car. If you do the mileage deduction, you have to keep track of all the miles that you drive for business purposes. With the other route, you have to keep track of expenses.
Can health insurance premiums be tax write offs for a small business?
When it comes to small business tax write offs. there are many different expenses that you can potentially write off. When it comes to health insurance premiums, sometimes you can, and sometimes you cannot. If you are a self-employed individual, you can write off the entire amount of health insurance premiums for you and your family. However, if you are a small business owner that has multiple employees, you will not be able to write off the health insurance premiums on your taxes. Under new government laws, you can get some tax deductions for small business health insurance depending on how small your business is, though.Source: m.finweb.com