Here are some Top tax deductions
1. Auto Expenses
As a small business owner, you are able to deduct some of your automobile expenses. Vehicle expense and work automobile related expense are deductible if you are using it in business. Always keep track of all your business-related automobile use. There may be a chance also to deduct a certain amount for mileage. You may also deduct for tolls and parking costs.
2. Second top tax deductions are entertainment Expenses
You may deduct for entertaining clients and prospective business contacts. You may do so as long as the business is discussed during the event. The most common entertainment expense occurs when taking business contacts out for meals.
- Travel Expenses
If you travel a lot for work, you are in luck! You can deduct some of your travel expenses. These expenses include airfare, car or taxi usage, lodging, meals, calls, and faxes.
- Charitable Donations
In some instances, depending on the type of company, you may be able to deduct for charitable donations. If your company is a Partnership, S-Corporation, or Limited Liability Company you can deduct for cash donations.
- Advertising and Marketing Expenses
Advertising and marketing costs directly related to your business may be deductible. Some of these may include business cards, radio, television or print ads, and promotional activities.
- Software Deduction
You can deduct software purchases for your small business if you purchase and use the new software within the same year.
- Equipment Expenses
Small business owners often have a good amount of equipment, so deducting equipment expenses is key. Some equipment that you may be able to deduct includes personal computers, laptops, and office furniture.
Contact us at Green Tree Tax services of Houston by phone: 713-354-9432 or on the web to learn more on tax planning and saving tips.