Tax Breaks

22 Tax Breaks

As we are getting ready for taxes, we have rounded up 22 tax deductions you'll want to have on your radar as you gather receipts and documents and consider end-of-year tax write-offs. 

Tax deductible business expenses

1. Advertising and promotion 

2. Business meals (100 percent deductible in 2021!) 

3. Business insurance 

4. Bank fees

5.Business use of your car

6. Contract labor 

7. Depreciation 

8. Education (related to your business) 

9. Home office expenses 

10. Interest on business debts 

11. Legal and professional fees 

12. Moving expenses 

13. Rent expenses 

14. Salaries and benefits 

15. Taxes (state, payroll, personal property, real estate, sales, excise and fuel) 

16. Business licenses 

17. Telephone and internet expenses 

18. Travel expenses 

Personal tax deductions for business owners 

19. Charitable contributions 

20. Child and dependent care expenses 

21. Retirement contributions 

22. Health care expenses 

These expenses are tax deductible, but don't assume all of them apply to your  business. Check the rules for each one at IRS.GOV or contact our firm for assistance so you can start planning ahead for next year, too.